Stonepeak to Acquire Australia’s Allgas Distribution Network

Stonepeak has agreed to acquire Allgas, a Queensland-based gas distribution network serving about 120,000 customers, expanding its footprint in Australia’s regulated gas infrastructure market.

NEW YORK & SYDNEY (P&GJ) — Infrastructure investor Stonepeak has agreed to acquire Allgas, a gas distribution network in Queensland, Australia, from APA Group, Marubeni Corporation and other shareholders, the company said Dec. 17.

Allgas operates a natural gas distribution system serving the Brisbane region to northern New South Wales, as well as the Toowoomba and Oakey areas. The network includes roughly 3,900 kilometers of distribution mains supplying about 120,000 residential and commercial customers, along with nine gate stations and approximately 123,000 metering devices.

The system is connected to major gas supply hubs in Queensland and draws on regional reserves, positioning it as a key piece of local energy distribution infrastructure.

“This transaction underscores Stonepeak’s long-held conviction in natural gas as an essential component of the energy mix supporting global energy transition efforts, especially in Australia where it continues to play an important role for businesses and individuals,” said Darren Keogh, senior managing director at Stonepeak. “Queensland, and South East Queensland in particular, is experiencing significant economic expansion underpinned by population and productivity growth that is supported by the Allgas network. We look forward to working with Allgas to help effectively capitalize on these meaningful tailwinds.”

The acquisition is subject to regulatory approvals and is expected to close in the first half of 2026.

Gresham is serving as financial adviser to Stonepeak, with Allens acting as legal counsel.