Morgan Stanley Investment Management announced that investment funds managed by Morgan Stanley Infrastructure Partners have agreed to acquire Epic Energy, an Australian gas pipeline operator. The transaction is expected to close in the second half of 2026, subject to customary regulatory approvals; financial terms were not disclosed.
Epic Energy owns and operates the Moomba to Adelaide Pipeline System, known as MAPS, which has operated for more than 50 years and is one of only two pipeline systems serving Adelaide, connecting gas resources in northern Australia to South Australia’s power generation, industrial, and utility customers.
The pipeline’s decades-long operating history and its role as one of only two systems serving Adelaide give it a critical position within South Australia’s energy infrastructure, providing a level of reliability and strategic importance that is difficult to replicate given the high barriers to entry associated with developing competing long-haul gas pipeline assets. That combination of longevity, limited competition, and steady demand from power generation, industrial, and utility customers is a profile that has increasingly drawn interest from infrastructure investors seeking assets with durable, long-term cash flow characteristics.
The acquisition adds to Morgan Stanley Infrastructure Partners’ broader portfolio of essential infrastructure investments globally, reflecting the platform’s continued focus on assets that provide critical public goods and services with long-term value creation potential. The deal also underscores the growing appetite among global infrastructure investors for energy transportation and distribution assets in the Asia-Pacific region, as South Australia continues to balance its position as a leader in renewable energy penetration with the ongoing role that gas infrastructure plays in supporting grid reliability and industrial demand across the state.
KEY QUOTES:
“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. 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.”
Tim Cooper, Co-Head of Asia-Pacific, Morgan Stanley Infrastructure Partners
