Pursuits
Chow Tai Fook Adds Australia Power Firm to Property, Jewelry
- Takeover of Alinta said to be valued at more than $3.1 billion
- TPG-owned energy company had been slated for 2017 share sale
Chow Tai Fook Buying Alinta for $3.1 Billion
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Chow Tai Fook Enterprises Ltd., the Hong Kong conglomerate known for its chain of jewelry shops across China, agreed to acquire Alinta Energy Holdings Ltd. in a multi-billion dollar deal that marks the family-owned group’s foray into Australian utilities.
The companies announced the transaction in separate statements on Thursday, without disclosing financial details. Chow Tai Fook agreed to pay investors including buyout firm TPG Capital more than A$4 billion ($3.1 billion), people with knowledge of the matter said, asking not to be identified because the details are private. Alinta’s assets span nationwide energy retailing through power generation for industrial customers.