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.

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.

"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."

"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."

About Morgan Stanley Infrastructure Partners

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.

About Morgan Stanley Investment Management

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 www.morganstanley.com/im.

About Morgan Stanley

Morgan Stanley (NYSE:MS) 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 www.morganstanley.com.

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