Hong Kong’s Cheng family acquires Alinta
Chow Tai Fook Enterprises (CTFE), the private investment vehicle of Hong Kong’s Cheng family, has agreed to acquire Alinta Energy in a deal worth $3 billion (A$4 billion), the Financial Times reported.
Alinta, headquartered in Perth, Australia, provides electricity and gas to 800,000 customers in Australia and New Zealand. Private equity group TPG Capital became the largest shareholder after Alinta was delisted from the Australian stock exchange in 2011, the report said.
“CTFE already has significant investments in Australia, but the purchase of Alinta marks its first foray into the country’s energy sector,” the FT article said.
The deal must be approved by Australian regulatory authorities, the report noted.
“The Cheng empire spans 50 countries worldwide and it is part of a consortium, along with Australia’s Star Entertainment Group, which is building a A$2 billion casino in Brisbane,” the FT report said. (Source: Financial Times, March 17, 2017.)