Morgan Stanley to Acquire Australian Gas Pipeline Operator Epic Energy

Morgan Stanley Infrastructure Partners will acquire Epic Energy, owner of the Moomba to Adelaide Pipeline System, expanding its investment in Australian natural gas infrastructure.

(P&GJ) — Morgan Stanley Infrastructure Partners has agreed to acquire Epic Energy, owner and operator of the Moomba to Adelaide Pipeline System (MAPS), strengthening its investment in Australia's natural gas infrastructure.

The transaction is expected to close in the second half of 2026, subject to customary regulatory approvals.

Epic Energy operates the MAPS system, a long-haul natural gas pipeline connecting production in northern Australia to Adelaide and surrounding markets in South Australia. The pipeline has been in service for more than 50 years and is one of only two transmission systems supplying the Adelaide region, serving power generators, industrial customers and utilities.

Morgan Stanley said the acquisition adds a strategically important pipeline asset that plays a key role in maintaining gas supply reliability as South Australia continues to expand renewable energy generation.

"MAPS is a critical piece of energy infrastructure with a more than 50-year operating history, high barriers to entry and long-term strategic relevance," said Tim Cooper, co-head of Asia-Pacific for Morgan Stanley Infrastructure Partners.

"As the sole long-haul pipeline connecting Adelaide to northern Australian gas supplies, it plays an important role in supporting energy reliability across South Australia while providing resilient cash flows backed by longstanding customer relationships."

The acquisition marks the latest infrastructure investment by Morgan Stanley Infrastructure Partners, which focuses on long-term ownership of essential transportation, energy and utility assets. Financial terms of the transaction were not disclosed.