Undeterred by a failed takeover last year, APA Group is eyeing opportunities for expansion.
According to the Australian Financial Review, it is on the hunt for an acquisition in the US pipeline sector over Australia.
APA CEO and Managing Director Mick McCormack said conditions for growth in the US were more favourable than in the domestic market.
“If you were sitting on Mars looking at the regulated infrastructure space in Australia and the US, I know where I would be heading my rocket ship to,” he said.
“We are a growth business; we have pursued a growth strategy for 18 years.”
The comments coincided with the release of APA’s first-half results, which showed earnings before interest, tax, depreciation and amortisation were up 4.3 per cent to $787.7 million, which Mr McCormack said had the company on track to reach the upper end of full-year guidance of $1.55 to $1.575 billion.
CK Group’s $13 billion acquisition of APA was rejected by Federal Treasurer Josh Frydenberg in November.
For more information visit the APA website.
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