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

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 as bidders are drawn to the country's relative stability and almost quarter-century of economic growth. The deal is part of NSW Premier Mike Baird's plan to raise A$20…