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Thursday, 11 May 2017

Australian-led group pays $5.6 billion for NSW energy grid, foreigners in back seat | Reuters

Australian-led group pays $5.6 billion for NSW energy grid, foreigners in back seat | Reuters:

"The Australian state of New South Wales on Thursday said it has sold power grid Endeavour Energy to a consortium led by Macquarie Group Ltd (MQG.AX) for A$7.62 billion ($5.61 billion), relegating foreign bidders to a minority stake. The sale to a group led by Macquarie, Australia's biggest investment bank, and top pension fund manager AMP Ltd (AMP.AX) was politically sensitive due to opposition to foreign infrastructure purchases since NSW launched an energy privatization program in 2015. The federal government in December signaled that any single foreign investor would not be allowed to own more than half of the 50.4 percent stake being sold in the state's third-biggest energy grid."



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