AUSTRALIA’S Alinta Energy has been sold to Hong Kong’s Chow Tai Fook Enterprises for about $A4 billion ($F6.3b), two sources familiar with the situation said on Thursday.
Alinta, a natural gas and electricity retailer owned by a group of private equity companies including TPG, had been preparing for an initial public offering.
Brokers had valued Alinta at an average of $A3.4b ($F5.4b), making the Chow Tai Fook Enterprises offer attractive in comparison, one of the sources said.
The two sources, who were not authorised to comment publicly, said the deal remained subject to approval from Australia’s Foreign Investment Review Board.
The buyer is a private Hong Kong-based holding company owned and controlled by the Cheng family, which has a diverse set of investments including property development, aircraft leasing, department stores and Chow Tai Fook Jewelry Group (1929.HK).
Alinta Energy and Chow Tai Fook Enterprises could not immediately be reached for comment.
