Deals
China $50 Billion Power Goal Leads to Australia: Real M&A
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State Grid Corp. of China’s search for as much as $50 billion of international power assets may reveal that Duet Group and Spark Infrastructure Group are among Australia’s most attractive takeover targets.
China’s biggest power distributor last month won regulatory approval to buy Australian assets including almost 20 percent of electricity and gas company SP AusNet. Duet, with a market value of $2.2 billion, and the $1.9 billion Spark may be the next targets because of their regulated, long-term cash flows from gas and electricity assets across Victoria, South Australia and Western Australia, said Morgans Financial Ltd. and Royal Bank of Canada.