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Cheng Kong completes 7.6 bln USD takeover of Aussie power giant

Xinhua, January 16, 2017 Adjust font size:

A major Australian electricity and gas distributor, DUET Group, has completed a handshake deal with Cheng Kong Infrastructure Holdings (CKI) on a 7.6 billion dollar (5.6 billion U.S. dollars) takeover on Monday.

DUET currently has holdings in Victoria and Western Australia, and the agreement would see CKI add to its already expansive energy portfolio, acquiring stakes in Victoria's United Energy, Western Australia's Dampier to Bunbury pipeline, and gas provider Multinet.

DUET's board is expected to accept the 3.03 Australian dollars per share offer, with the deal expected to take place later in the year subject to regulatory approval.

CKI is a global infrastructure company that diversified investment in energy infrastructure, transportation infrastructure, water infrastructure, waste management, waste-to-energy and infrastructure related business.

CKI has been actively pursuing opportunities in the Australian energy sector, having completed the 2.4 billion Australian dollars (1.8 billion U.S. dollars) purchase of Envestra in 2014, and tabling an offer for New South Wales company Ausgrid last year. Endit