Apache To Sell Australian Subsidiary Apache Energy For $2.1 Billion

Apache Corp. announced an agreement to sell its Australian subsidiary, Apache Energy Ltd., for $2.1 billion in cash to a group of private equity investors managed by Brookfield Asset Management Inc. and Macquarie Capital Group Ltd. Apache expects the deal to close in mid 2015. The sale of Apache Energy means Apache will have fully exited the exploration and production business in Australia. "Today's announcement represents a notable step in Apache's strategic portfolio repositioning," said Chief Executive John Christmann. "Following the sale of our Australian assets, approximately 70% of Apache's production will come from North America onshore." Apache's stock, which rose 0.8% in after-hours trade, has advanced 4.1% year to date, compared with a 1.1% gain in the S&P 500 .