Australia approves Chinese SGCC’s acquisition of Singapore Power’s Australian assets

The Australian government has approved the partial stake acquisition of Singapore Power’s (SP) Australian assets by China’s largest power network utility, State Grid Corporation of China (SGCC). SGCC will acquire a 60 per cent stake in SPI (Australia) Assets Pty Limited, a wholly owned subsidiary of SP, and a 19.9 per cent stake in SP AusNet, an Australian electricity provider in Victoria. The deal is estimated to be worth over AUD 4.4 billion. For SGCC, the stake acquisition is aimed at optimising its overseas asset portfolio.