In a deal announced late last week, Chinese state-owned company State Grid Corporation of China has agreed to buy a 19.1% stake in SP AusNet (ASX: SPN), the company that operates Victoria’s electricity transmission and distribution network, and last year took home revenues in excess of $1.6 billion. The company will remain 49% publically owned, with the 19.1% stake being sold by current majority holder Singapore Power. The sale is subject to approval from the Foreign Investment Review Board.
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