ACCC approves $18.7bn Origin Energy buyout to ‘accelerate renewables rollout’

The competition watchdog approved the deal despite concerns it would reduce competition in the Victoria energy market

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Australia's market regulator has approved the takeover of Australia's largest energy retailer on condition the new owners submit to independent audits to ensure they do not discriminate against rival firms.

The Australian Competition and Consumer Commission on Tuesday said it would not block the $18.7bn takeover of Origin Energy by private equity giants Brookfield and EIG Partners. Other approvals are needed, including by the Foreign Investment Review Board, before the deal is complete.