Stonepeak Partners LP and Skip Enterprises Pty Ltd ATF Farquhar Trust made the proposal to acquire 80.1% stake in Genex Power Limited (ASX:GNX) for approximately AUD 170 million on July 25, 2022. As per the transaction, Stonepeak Partners LP and Skip Essential Infrastructure Fund made the proposal to acquire shares at AUD 0.23 per share. The transaction is subject to a number of conditions, including, but not limited to the satisfactory completion of the Consortium's due diligence, the receipt of all necessary internal approvals, the unanimous recommendation of the Genex Board, and the execution of binding transaction documents. Transaction will be subject to the approval of the Foreign Investment Review Board. Genex Shareholders do not need to take any action in relation to the transaction. Genex has appointed Goldman Sachs as its financial adviser and Gilbert + Tobin as its legal adviser, in relation to the transaction. Allens acted as a legal advisor to Stonepeak Partners LP and Skip Enterprises Pty Ltd ATF Farquhar Trust, Jarden Partners Limited and RBC Capital Markets, LLC acted as financial advisor to Stonepeak Partners LP and Skip Enterprises Pty Ltd ATF Farquhar Trust. Stonepeak Partners LP and Skip Enterprises Pty Ltd ATF Farquhar Trust cancelled the proposal to acquire 80.1% stake in Genex Power Limited (ASX:GNX) on August 1, 2022. The board of Genex unanimously concluded the bid undervalued the assets and the offer would not be suitable for the shareholders.