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YTL Power sells ElectraNet stake

YTL Power has sold its stake in ElectraNet to Australian Utilities Trust.

February 25, 2022 • By Naomi Neilson
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YTL Power sells ElectraNet stake
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Firm: Corrs Chambers Westgarth (YTL Power International Berhad)

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Deal: Independent firm Corrs Chambers Westgarth has advised YTL Power International Berhad on the sale of its 33.5 per cent stake in ElectraNet to Australian Utilities Trust (AUT) for $1.03 billion.

 
 

Area: Energy.

Value: $1.03 billion.

Key players: The deal was led by head of corporate Sandy Mak and partner Alexandra Feros. They were supported by head of banking and finance Rommel Harding-Farrenberg and special counsel Annabel Doneley and Megan Russell.

Deal significance: YTL, a Malaysia-based multi-utility group active across key segments of the utilities industry, has sold its stake to AUT, a specialist infrastructure fund with an existing stake in ElectraNet. AUT’s unitholders include Utilities Trust of Australia, The Infrastructure Fund and Sunsuper Superannuation Fund.

Commenting on the deal, Ms Mak said: “We were pleased to advise our client YTL on its successful sale process. As a competitive and complex sale involving a significant infrastructure asset, the combined expertise of the Corrs team was crucial to securing this result.”

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Naomi Neilson

Naomi Neilson

Author

Naomi Neilson is a senior journalist with a focus on court reporting for Lawyers Weekly, as well as other titles under the Momentum Media umbrella. She regularly writes about matters before the Federal Court of Australia, the Supreme Courts, the Civil and Administrative Tribunals, and the Fair Work Commission. Naomi has also published investigative pieces about the legal profession, including sexual harassment and bullying, wage disputes, and staff exoduses. You can email Naomi at: naomi.neilson@momentummedia.com.au.
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