Power giant State Grid Corporation of China has officially concluded its acquisition of stakes in Australian firms SP AusNet and Jemena yesterday. The said interests were purchased from utilities group Singapore Power, according to The Australian.
The total value of the transaction is pegged at $7.5 billion. State Grid acquired a 19.9% interest in SP AusNet and a 60% interest in the Jemena business. The deal was completed eight months after it was originally announced, the report detailed.
Under the terms of the deal, Singapore Power will continue to own 31.1% of SP AusNet and 40% of Jemena. Australian Treasurer Joe Hockey greenlighted the acquisition deal just before Christmas. The sale of these interests represented Australia's biggest deal for 2013, the report explained.
In a statement, State Grid said it did not plan to implement significant operational and managerial changes at Jemena, the report added.
State Grid has been eyed as a potential bidder for any of the electricity firms to be put on sale by the New South Wales and Queensland governments, The Australian reported.
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