
Morgan Stanley Investment Management, through investment funds managed by Morgan Stanley Infrastructure Partners (MSIP), its private infrastructure investment platform, today announced that it has agreed to acquire

<p xmlns="http://www.w3.org/1999/xhtml">
Morgan Stanley Investment Management, through investment funds managed by Morgan Stanley Infrastructure Partners (MSIP), its private infrastructure investment platform, today announced that it has 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.

</p><p xmlns="http://www.w3.org/1999/xhtml">
Epic Energy owns and operates the Moomba to Adelaide Pipeline System, known as MAPS, which connects gas resources in northern Australia to Adelaide, the capital of South Australia, one of the global leaders in renewable energy penetration. MAPS has operated for more than 50 years and is one of only two pipeline systems serving Adelaide, providing critical connectivity between key gas-producing regions and South Australia’s power generation, industrial and utility customers.

</p><p xmlns="http://www.w3.org/1999/xhtml">
"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."

</p><p xmlns="http://www.w3.org/1999/xhtml">
"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," said Mark McLean, Co-Head of Asia-Pacific for Morgan Stanley Infrastructure Partners. "By using relationship-driven sourcing we deliver differentiated investment opportunities for our investors, while supporting essential infrastructure in key markets globally."

</p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">About Morgan Stanley</b> <b xmlns="http://www.w3.org/1999/xhtml">Infrastructure Partners
<br xmlns="http://www.w3.org/1999/xhtml"></br></b>Morgan Stanley Infrastructure Partners is a leading global private infrastructure investment platform. Founded in 2006, MSIP has invested across a diverse portfolio of infrastructure assets and seeks to create value through active asset management and operational improvements. The platform targets assets that provide essential public goods and services with the potential for long-term value creation.

</p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">About Morgan Stanley Investment Management
<br xmlns="http://www.w3.org/1999/xhtml"></br></b>Morgan Stanley Investment Management, together with its investment advisory affiliates, has more than 1,300 investment professionals around the world and $2 trillion in assets under management or supervision as of June 30, 2026. Morgan Stanley Investment Management strives to provide outstanding long-term investment performance, service, and a comprehensive suite of investment management solutions to a diverse client base, which includes governments, institutions, corporations and individuals worldwide. For further information about Morgan Stanley Investment Management, please visit <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.morganstanley.com%2Fim&amp;esheet=54577198&amp;newsitemid=20260727737424&amp;lan=en-US&amp;anchor=www.morganstanley.com%2Fim&amp;index=1&amp;md5=35f5d37df9272932c775810ec86ad06a" shape="rect">www.morganstanley.com/im</a>.

</p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">About Morgan Stanley
<br xmlns="http://www.w3.org/1999/xhtml"></br></b>Morgan Stanley (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/MS">MS</a>) is a leading global financial services firm providing a wide range of investment banking, securities, wealth management and investment management services. With offices in 42 countries, the Firm’s employees serve clients worldwide including corporations, governments, institutions and individuals. For further information about Morgan Stanley, please visit <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.morganstanley.com&amp;esheet=54577198&amp;newsitemid=20260727737424&amp;lan=en-US&amp;anchor=www.morganstanley.com&amp;index=2&amp;md5=b9f0f5e4057c6093575ed07ca7021006" shape="rect">www.morganstanley.com</a>.

</p><p xmlns="http://www.w3.org/1999/xhtml"><img xmlns="http://www.w3.org/1999/xhtml" alt="" src="https://cts.businesswire.com/ct/CT?id=bwnews&amp;sty=20260727737424r1&amp;sid=benz2&amp;distro=nx&amp;lang=en" style="width:0;height:0"></img><span xmlns="http://www.w3.org/1999/xhtml" class="bwct31415"></span></p><p xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink"><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-phrase">View source version on businesswire.com: </span><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-link"><a xmlns="http://www.w3.org/1999/xhtml" href="https://www.businesswire.com/news/home/20260727737424/en/" rel="nofollow">https://www.businesswire.com/news/home/20260727737424/en/</a></span></p><p xmlns="http://www.w3.org/1999/xhtml">
Morgan Stanley Media Relations Contact:
<br xmlns="http://www.w3.org/1999/xhtml"></br>Alyson Barnes
<br xmlns="http://www.w3.org/1999/xhtml"></br><a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:Alyson.Barnes@morganstanley.com" shape="rect">Alyson.Barnes@morganstanley.com</a>

</p>

Morgan Stanley Infrastructure Partners to Acquire Epic Energy

MSIP to Acquire Epic Energy, Expanding MAPS Pipeline Footprint in Australia

<section class="insight" data-version="1">
  <section data-block="information">
    <h3>Information</h3>
    <p>Morgan Stanley Investment Management, through investment funds managed by Morgan Stanley Infrastructure Partners (MSIP), its private infrastructure investment platform, today announced that it has agreed to acquire</p>
  </section>

  <section data-block="ai-summary-paragraph">
    <h3>AI Summary</h3>
    <p>Morgan Stanley Investment Management&#039;s MSIP has agreed to acquire Epic Energy, owner of the MAPS pipeline, with a closing target in 2H 2026 subject to regulatory approvals. MAPS provides critical, long-term gas connectivity to Adelaide with a 50+ year operating history and high entry barriers, underpinning resilient cash flows. The deal highlights MSIP&#039;s platform growth and could bolster MS&#039;s private infrastructure asset base over time.</p>
  </section>

  <section data-block="ai-summary-bullets">
    <h3>Key Points</h3>
    <ul><li>MSIP to acquire Epic Energy; closing expected 2H 2026 subject to approvals.</li><li>MAPS connects northern Australian gas to Adelaide; 50+ years of operation.</li><li>MAPS is one of two pipelines serving Adelaide; high barriers to entry.</li><li>MSIP emphasizes relationship-driven sourcing and long-term cash flows.</li></ul>
  </section>

  <section data-block="companies-mentioned">
    <h3>Companies Mentioned</h3>
    <ul><li><strong>Epic Energy (Private)</strong>: Australian gas pipeline operator to be acquired by MSIP; MAPS asset will become part of MSIP&#039;s infra portfolio.</li><li><strong>Morgan Stanley Infrastructure Partners (MSIP)</strong>: Private infrastructure platform expanding via the Epic Energy acquisition; aligns with long-term cash-flow investments.</li><li><strong>MAPS (Moomba to Adelaide Pipeline System) (Private)</strong>: Key asset in the deal; provides essential gas connectivity to Adelaide with 50+ years of operation.</li><li><strong>Morgan Stanley (MS)</strong>: Public parent; potential indirect uplift to asset-management franchise and long-term NAV via MSIP.</li></ul>
  </section>

  <section data-block="category">
    <h3>M&amp;A</h3>
    <p>Category: M&amp;A. The announcement reflects a strategic expansion of MSIP&#039;s private infrastructure footprint, with potential long-term cash-flow stability and impact on MS&#039;s asset-management franchise through NAV/AUM growth.</p>
  </section>

  <section data-block="market-moving">
    <h3>Market-Moving</h3>
    <ul><li>Closing expected in 2H 2026, subject to regulatory approvals.</li><li>MAPS is a long-tenured, high-barrier asset underpinning stable cash flows.</li><li>MSIP&#039;s deal signals continued growth in private infrastructure and potential NAV uplift for MS.</li></ul>
  </section>

  <section data-block="key-facts">
    <h3>Key Facts</h3>
    <ul><li>MSIP to acquire Epic Energy; closing targeted for 2H 2026.</li><li>MAPS: Moomba to Adelaide Pipeline System; connects northern Australia to Adelaide.</li><li>MAPS has operated for more than 50 years.</li><li>MAPS is one of only two pipeline systems serving Adelaide.</li><li>Morgan Stanley Investment Management has about $2 trillion in AUM as of June 30, 2026.</li></ul>
  </section>

  <section data-block="trading-thesis">
    <h3>Trading Thesis</h3>
    <p>Neutral near-term; potential long-term upside for MS from MSIP&#039;s private infra expansion and related NAV/AUM growth over 12–24 months.</p>
  </section>
</section>


<p xmlns="http://www.w3.org/1999/xhtml">
Morgan Stanley Investment Management, through investment funds managed by Morgan Stanley Infrastructure Partners (MSIP), its private infrastructure investment platform, today announced that it has 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.

</p><p xmlns="http://www.w3.org/1999/xhtml">
Epic Energy owns and operates the Moomba to Adelaide Pipeline System, known as MAPS, which connects gas resources in northern Australia to Adelaide, the capital of South Australia, one of the global leaders in renewable energy penetration. MAPS has operated for more than 50 years and is one of only two pipeline systems serving Adelaide, providing critical connectivity between key gas-producing regions and South Australia’s power generation, industrial and utility customers.

</p><p xmlns="http://www.w3.org/1999/xhtml">
"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."

</p><p xmlns="http://www.w3.org/1999/xhtml">
"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," said Mark McLean, Co-Head of Asia-Pacific for Morgan Stanley Infrastructure Partners. "By using relationship-driven sourcing we deliver differentiated investment opportunities for our investors, while supporting essential infrastructure in key markets globally."

</p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">About Morgan Stanley</b> <b xmlns="http://www.w3.org/1999/xhtml">Infrastructure Partners
<br xmlns="http://www.w3.org/1999/xhtml"></br></b>Morgan Stanley Infrastructure Partners is a leading global private infrastructure investment platform. Founded in 2006, MSIP has invested across a diverse portfolio of infrastructure assets and seeks to create value through active asset management and operational improvements. The platform targets assets that provide essential public goods and services with the potential for long-term value creation.

</p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">About Morgan Stanley Investment Management
<br xmlns="http://www.w3.org/1999/xhtml"></br></b>Morgan Stanley Investment Management, together with its investment advisory affiliates, has more than 1,300 investment professionals around the world and $2 trillion in assets under management or supervision as of June 30, 2026. Morgan Stanley Investment Management strives to provide outstanding long-term investment performance, service, and a comprehensive suite of investment management solutions to a diverse client base, which includes governments, institutions, corporations and individuals worldwide. For further information about Morgan Stanley Investment Management, please visit <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.morganstanley.com%2Fim&amp;esheet=54577198&amp;newsitemid=20260727737424&amp;lan=en-US&amp;anchor=www.morganstanley.com%2Fim&amp;index=1&amp;md5=35f5d37df9272932c775810ec86ad06a" shape="rect">www.morganstanley.com/im</a>.

</p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">About Morgan Stanley
<br xmlns="http://www.w3.org/1999/xhtml"></br></b>Morgan Stanley (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/MS">MS</a>) is a leading global financial services firm providing a wide range of investment banking, securities, wealth management and investment management services. With offices in 42 countries, the Firm’s employees serve clients worldwide including corporations, governments, institutions and individuals. For further information about Morgan Stanley, please visit <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.morganstanley.com&amp;esheet=54577198&amp;newsitemid=20260727737424&amp;lan=en-US&amp;anchor=www.morganstanley.com&amp;index=2&amp;md5=b9f0f5e4057c6093575ed07ca7021006" shape="rect">www.morganstanley.com</a>.

</p><p xmlns="http://www.w3.org/1999/xhtml"><img xmlns="http://www.w3.org/1999/xhtml" alt="" src="https://cts.businesswire.com/ct/CT?id=bwnews&amp;sty=20260727737424r1&amp;sid=benz2&amp;distro=nx&amp;lang=en" style="width:0;height:0"></img><span xmlns="http://www.w3.org/1999/xhtml" class="bwct31415"></span></p><p xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink"><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-phrase">View source version on businesswire.com: </span><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-link"><a xmlns="http://www.w3.org/1999/xhtml" href="https://www.businesswire.com/news/home/20260727737424/en/" rel="nofollow">https://www.businesswire.com/news/home/20260727737424/en/</a></span></p><p xmlns="http://www.w3.org/1999/xhtml">
Morgan Stanley Media Relations Contact:
<br xmlns="http://www.w3.org/1999/xhtml"></br>Alyson Barnes
<br xmlns="http://www.w3.org/1999/xhtml"></br><a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:Alyson.Barnes@morganstanley.com" shape="rect">Alyson.Barnes@morganstanley.com</a>

</p>

Morgan Stanley Investment Management's MSIP has agreed to acquire Epic Energy, owner of the MAPS pipeline, with a closing target in 2H 2026 subject to regulatory approvals. MAPS provides critical, long-term gas connectivity to Adelaide with a 50+ year operating history and high entry barriers, underpinning resilient cash flows. The deal highlights MSIP's platform growth and could bolster MS's private infrastructure asset base over time.

News insight

Morgan Stanley Infrastructure Partners to Acquire Epic Energy

AI summary

Sentiment rationale

Key facts

M&A