Morgan Stanley IM acquires QIC's Epic Energy

Morgan Stanley Investment Management, through investment funds managed by Morgan Stanley Infrastructure Partners (MSIP), is acquiring the entirety of the Australian gas pipeline operator from QIC.

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

Epic Energy owns and operates the Moomba to Adelaide Pipeline System, known as MAPS, which connects gas resources in northern Australia to Adelaide. MAPS has operated for more than 50 years and is one of the only two pipeline systems serving in Adelaide, Morgan Stanley said.

The system continues to provide critical connectivity between key gas-producing regions and South Australia's power generation, industrial and utility customers.

Commenting, MSIP co-head of Asia Pacific Tim Cooper explained the rationale behind the acquisition.

"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," Cooper said.

"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."

Meanwhile, Mark McLean, who shares the same position, added the acquisition provides a differentiated investment approach to continue providing for investors.

"The acquisition of Epic Energy exemplifies MSIP's approach to sourcing high-quality infrastructure investments through long-standing relationships and direct engagement with local infrastructure owners," McLean said.

"By using relationship-driven sourcing we deliver differentiated investment opportunities for our investors, while supporting essential infrastructure in key markets globally."