Deals
Australia Discovers the Cost of Blocking China
- State electricity distributor Ausgrid sold to local funds
- Sale price said to be lower than rejected State Grid offer
Ausgrid Stake Sold to Two Local Funds
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Australia just found out the price of blocking foreign investment.
The New South Wales state government announced Thursday it had sold a 50.4 percent stake in power network Ausgrid to two local funds in a deal valuing the entire company, including debt, at about A$20.8 billion ($16 billion). Two months earlier, the federal government barred New South Wales from accepting an offer from State Grid Corp. of China that was said to value the asset at about A$25.1 billion, citing national security concerns.