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Global group wins A$10.3b bid for Australia power assets

Successful bidders for TransGrid beat rival offers from companies including State Grid Corp of China

Sydney

INVESTORS from Canada and the Middle East are part of a group that agreed to pay about A$10.3 billion (S$10.5 billion) for an electricity network in Australia's most-populous state, beating rival offers from companies including State Grid Corp of China.

The successful bidders for TransGrid, the New South Wales (NSW) state transmission business, are Caisse de Depot et Placement du Quebec, Abu Dhabi Investment Authority, Kuwait Investment Authority, Hastings Funds Management Ltd and Spark Infrastructure Group, the government said on Wednesday.

Foreign acquisitions of Australian companies have almost doubled this year and competition for ports, power grids and desalination plants is intensifying...

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