SKN | Morgan Stanley Infrastructure Partners Acquires Epic Energy, Expanding Australian Energy Infrastructure Portfolio

Key Points

• Morgan Stanley Infrastructure Partners has agreed to acquire Epic Energy, owner and operator of the Moomba to Adelaide Pipeline System (MAPS), from QIC.
• The acquisition expands Morgan Stanley Investment Management’s infrastructure portfolio with a critical natural gas transportation network serving South Australia.
• Investors remain focused on long-term infrastructure investment opportunities, energy security, regulated assets, and stable cash-generating businesses.

Morgan Stanley Investment Management, through funds managed by Morgan Stanley Infrastructure Partners (MSIP), has agreed to acquire Australian pipeline operator Epic Energy from QIC.

The transaction strengthens Morgan Stanley’s global infrastructure investment platform by adding ownership of one of Australia’s key natural gas transportation assets. Financial terms of the agreement were not disclosed.

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

Epic Energy Operates a Critical Gas Pipeline Network

Epic Energy owns and operates the Moomba to Adelaide Pipeline System (MAPS), one of South Australia’s most important energy infrastructure assets.

The pipeline transports natural gas from production fields in northern Australia to Adelaide and numerous regional communities, supporting electricity generation, industrial operations, commercial businesses, and residential consumers.

Originally commissioned in 1969, MAPS has played a central role in South Australia’s natural gas network for more than five decades.

Epic Energy has owned and operated the pipeline since its privatization in 1995.

Pipeline Supports Multiple Energy Supply Sources

The MAPS network serves Adelaide while also supplying regional centers including Port Pirie, Whyalla, and Angaston.

Additional pipeline connections extend service to communities including Berri, Murray Bridge, and Mildura through interconnected regional infrastructure.

Beyond transporting gas from the Cooper Basin, the system also receives natural gas supplies through connections with APA Group’s QSN Link pipeline from southeast Queensland and the SEA Gas pipeline linking Victoria and South Australia.

These multiple supply sources enhance network reliability and strengthen regional energy security.

Infrastructure Investments Offer Long-Term Stability

The acquisition aligns with Morgan Stanley Infrastructure Partners’ strategy of investing in essential infrastructure assets that generate long-term, stable cash flows.

Energy transportation infrastructure remains attractive to institutional investors because of its essential role within national economies, relatively predictable demand, and long operating lives.

Infrastructure investments also provide portfolio diversification while offering exposure to regulated or contracted assets with resilient earnings characteristics.

Morgan Stanley continues expanding its global infrastructure portfolio across transportation, utilities, digital infrastructure, and energy assets.

Growing Focus on Energy Infrastructure

Demand for reliable energy infrastructure continues increasing as governments and businesses focus on energy security, economic development, and the evolving energy transition.

Natural gas infrastructure remains an important component of Australia’s energy mix, supporting electricity generation while complementing renewable energy development.

Ownership of strategic pipeline assets provides investors with exposure to essential energy networks that facilitate long-term economic activity and industrial growth.

Closing Insights

Morgan Stanley Infrastructure Partners’ acquisition of Epic Energy reinforces the firm’s commitment to investing in high-quality essential infrastructure assets. By adding the Moomba to Adelaide Pipeline System to its portfolio, Morgan Stanley strengthens its presence in Australia’s critical energy infrastructure sector while expanding exposure to long-lived, cash-generating assets. Investors will continue monitoring regulatory approvals, integration progress, infrastructure investment activity, and long-term opportunities across global energy and transportation networks.

For a confidential discussion regarding infrastructure investments, energy transportation, institutional asset management, alternative investments, or broader capital market opportunities, contact our senior advisory team.