Chow Tai Fook adds Aussie power firm to property, jewellery

Melbourne

CHOW Tai Fook Enterprises Ltd, the Hong Kong conglomerate known for its chain of jewellery 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 (S$4.3 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.

The transaction is Chow Tai Fook's most ambitious overseas expansion in recent years and comes at a pivotal moment for the conglomerate as it undergoes a leadership transition. The Cheng family heads a group that includes four listed units with a combined market of more than US$25…