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Stonepeak has entered into a definitive agreement to acquire Allgas, a gas distribution network in Queensland, Australia, from APA Group, Marubeni Corporation, and other shareholders. The transaction, which is subject to regulatory approvals, is expected to close in the first half of 2026.

Allgas operates approximately 3,900 km of distribution mains, supplying gas to around 120,000 households and businesses across Brisbane to northern New South Wales, and Toowoomba and Oakey. Stonepeak's acquisition reflects its belief in natural gas as a vital part of the energy mix in support of energy transition efforts in Australia, particularly amid economic expansion in Queensland driven by population and productivity growth.