SINGAPORE/SYDNEY, May 17 (Reuters) - State Grid Corp of China (SGCC), the world's largest state utility, has agreed to buy large stakes in Australian power companies from a unit of Singapore's Temasek in a deal that could be worth over A$5 billion ($4.93 billion), as it searches overseas for higher-yielding assets.
State Grid will buy 19.9 percent of electricity supplier SP Ausnet for A$824 million, and 60 percent of energy infrastructure company SPI (Australia) Assets Pty Ltd (SPIAA) for an undisclosed amount, Singapore Power, an arm of Singaporean state investor Temasek Holdings (Private) Ltd, said on Friday.
Singaporean government-linked firms have spent billions of dollars over the past decade on Australian telecoms, energy and real estate assets. Full story
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