HK Jeweler Chow Tai Fook Awaits Australia's Approval for Its Acquisition of Energy Firm Alinta
Yicai Global
/SOURCE : Yicai
HK Jeweler Chow Tai Fook Awaits Australia's Approval for Its Acquisition of Energy Firm Alinta
(Yicai Global) March 17 -- Chow Tai Fook Jewellery Group Ltd. [HKG:1929], a leading jewelry retailer in Hong Kong, announced that it has closed a deal to acquire Australian natural gas and power retailer Alinta Energy for USD3.1 billion.It the jewelry seller's first investment in Australia's energy industry. Previously, the company entered the real estate market down under and set up a joint venture with local casino operator, Star Entertainment.As a major public utility company in Australia, Alinta Energy headquartered in Sydney and owns power generation assets with a total capacity of 1,957 megawatts. CTF's investment decion highlights the attractiveness of the Australian energy market, and provides strong support for Alinta and its management team, the energy company said. Jeff Dimery, Alinta's president, will continue to serve the group, and all senior executives will be retained.The jewelry retailer controlled by Hong Kong's multi-billionaire, Cheng Yu-tung, and h family. The company has invested in over 50 countries in Australia, Asia, Europe and the Americas. The deal pending approval by Australian authorities, but no regulatory bottlenecks are expected as CTF a family business and not controlled by the government.Follow Yicai Global on Facebook @yicaiglobal and Twitter @yicaichina.
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