Shares of APA Group (ASX:APA) surge after power cable deal

Shares of APA Group (ASX:APA) are surging today after Basslink?s lenders rubber stamped the $773 million acquisition.

APA will purchase Basslink from administrators, as the infrastructure company moves to expand its energy transmission footprint.

Basslink owns a 370-kilometre high-voltage, direct-current electricity interconnector between Victoria and Tasmania, which allows Tasmania to participate in the national electricity market.

APA Group Shares are more than 3 per cent higher.