Image courtesy of Marcin n/Wikimedia Commons.

Apache Corporation finalized the sale of its Australian subsidiary on Monday to a consortium of private equity funds for $2.1 billion in cash.

Houston-based Apache said the deal yielded total proceeds of $1.9 billion that are net of $225 million in customary, post-closing adjustments for the period between the effective date and closing.

The purchasing consortium is led by Macquarie Corporate Holdings Limited and Brookfield Asset Management Inc.

The deal was first announced in April and marks Apache’s full exit from its exploration and production business in Australia.

Apache said it will retain its 49 percent ownership interest in Australia-based fertilizer producer Yara Pilbara Holdings Pty Limited.

The sale is effective as of October 1, 2014.

“Following the sale of our Australian assets, approximately 70% of Apache’s production will come from North America onshore. Our robust North American position is complemented by our North Seaand Egyptian regions, which have an extensive inventory of prospects and assets that generate free cash flow,” Apache CEO and president John J. Christmann IV said when the deal was announced.

In April, Apache sold its Wheatstone LNG project and related oil and natural gas properties to Australia-based Woodside Petroleum Limited for $2.8 billion.


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