Deals
China State Grid Buys Stake in SP AusNet for A$824 Million
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China State Grid Corp., the nation’s largest power distributor, agreed to pay Singapore Power Ltd. A$824 million ($810 million) for 19.9 percent of Australia’s SP AusNet as part of its $50 billion global acquisition plan.
The Chinese state-owned company will also acquire 60 percent of Singapore Power’s other Australian energy and infrastructure assets held by SPI (Australia) Assets Pty, the Singaporean company said today in a statement. That closely held unit, known as Jemena, manages more than A$5 billion of assets and had A$1.7 billion in sales in 2012, according to its website.