Australian gas and electricity retailer Alinta Energy has been sold to Hong Kong-based company, Chow Tai Fook Enterprises (CTFE).
Alinta announced last week its shareholders had entered into a binding agreement with the company, which is owned by the Cheng family, for the sale of 100 per cent of the issued shares in Alinta.
CTFE paid an undisclosed sum for the utility, which had been planning to list on the ASX for an estimated $4 billion.
In a statement, Alinta said CTFE indicated the acquisition was “highly strategic”.
“They [CTFE] are committed to ensuring the energy needs of Alinta’s customers continue to be met and intend to grow the business by pursuing value accretive investment opportunities in the Australian energy markets as they arise,” the statement said.
Alinta chief executive Jeff Dimery will continue in his role.
CTFE has investments in over 50 countries spreading across Asia, Europe and The Americas.
The company has has significant investments in Australia in real estate and integrated resorts, but Alinta is the first significant investment in Australia’s energy sector.