Gas Week

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SP AusNet close to buying entire suite of energy transmission assets Singapore Power acquired as a partner in the $8 billion Alinta carve-up

Posted by gasweek on 21 September, 2007

SP AusNet was close to buying the entire suite of energy transmission assets Singapore Power acquired as a partner in the $8 billion Alinta carve-up with investment company Babcock & Brown earlier this year, according to Vesna Poljak in The Australian Financial Review (20/9/2007, p. 17). $4bn target: The portfolio, which includes the Queensland Gas Pipeline and Alinta’s Victorian Electricity Network, carries an estimated valuation of about $4 billion. SP AusNet was likely to seek $3 billion through a rights issue as funding for the deal, at odds with the volatility in financial markets and the widely held consensus its dividend will be hurt by such a move.

Singapore stake: Singapore Power owns 51 per cent of SP AusNet’s equity and will take up at least that share of the proposed rights issue, to be underwritten by banks including UBS and Morgan Stanley.

The Australian Financial Review, 20/9/2007, p. 17

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