find the latest legal job
Corporate Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Highly-respected, innovative and entrepreneurial Not-for-Profit · Competency based Board
View details
Chief Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Dynamic, high growth organisation · ASX listed market leader
View details
In-house Projects Lawyer | Renewables / Solar | 2-5 Years PQE
Category: Generalists - In House | Location: All Australia
· Help design the future · NASDAQ Listed
View details
Insurance Lawyer (3-5 PAE)
Category: Insurance and Superannuation Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Dynamic organisation ·
View details
Legal Counsel
Category: Corporate and Commercial Law | Location: North Sydney NSW 2060
· 18 month fixed term contract · 3-5 years PQE with TMT exposure
View details
Powerful investment from China

Powerful investment from China

State Grid Corporation of China, the world’s biggest utility company, has invested into Australia.

Firms: Allens Linklaters (State Grid International Development Limited); Minter Ellison (tax advisor to Singapore Power); Herbert Smith Freehills (Australian legal advisor to Singapore Power)

Deal: State Grid Corporation of China will take a majority stake in most of Singapore Power’s Australian electricity and gas assets

Area:M&A/Energy & resources

Value: Approximately $5 billion

Key players: For Allens Linklaters the matter was led by Linklaters partners Thomas Ng and Judie Ng Shortell, both based in Beijing, and for Allens by Anna Collyer (pictured), partner and head of Allens’ power & utilities sector, and partner Wendy Rae, both based in Melbourne. Minter Ellison’s Melbourne-based core team of tax specialists included: partners Mark Green, Alan Kenworthy, John Riley and Bastian Gasser, consultant  Nicholas Rouse and special counsel Gary Choy

Deal significance: State Grid Corporation of China is the world’s biggest utility company. It has agreed to buy 19.99 per cent of Singapore Power’s listed SP AusNet for $824 million and 60 per cent of Singapore Power’s unlisted Jemena assets. SP Ausnet and Jemena are two of Australia's largest utilities, with total assets of approximately $10 billion and $8.9 billion respectively.

The purchase price for these unlisted SPI Australia assets has been kept confidential. The deal is subject to Foreign Investment Review Board approval and clearance from China’s National Development and Reform Commission. State Grid Corporation of China is a Chinese government-owned entity whose networks cover about 88 per cent of China and yield revenues of about US$300 billion.

Singapore Power will retain a 31.1 per cent interest in SP AusNet and a 40 per cent stake in Jemena, an unlisted company that owns electricity and gas distribution and transmission assets in Victoria, NSW, Queensland and the ACT. The 49 per cent of SP AusNet that is publicly listed will remain so. Allens partner Anna Collyer said: “The proposed investments by State Grid are two of the most significant power asset deals in Australia.

They reflect the strength of the Australian power sector, and in particular the attractiveness to investors of a transparent and stable regulatory regime. Investment of this nature benefits the industry and the Australian economy more broadly due to the capital and expertise that can be contributed by investors such as State Grid.”

Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

Powerful investment from China
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
LCA president Fiona McLeod SC
Aug 17 2017
Where social fault lines meet the justice gap in Aus
After just returning from a tour of the Northern Territory, LCA president Fiona McLeod SC speaks wit...
Marriage equality flag
Aug 17 2017
ALHR backs High Court challenge to marriage equality postal vote
Australian Lawyers for Human Rights (ALHR) has voiced its support for a constitutional challenge to ...
Give advice
Aug 17 2017
A-G issues advice on judiciary’s public presence
Commonwealth Attorney-General George Brandis QC has offered his advice on the public presence of jud...
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...