Hong Kong group buys Alinta in $4bn deal

Western Australia's biggest gas retailer, Alinta Energy, has been bought by a Hong Kong jewellery and property conglomerate, with Premier-elect Mark McGowan saying the deal confirmed his opposition to privatisation.

Chow Tai Fook Enterprises Limited - a private Hong Kong-based holding company owned and controlled by billionaire Dato' Dr Cheng Yu-tung's family - has agreed to buy the gas and electricity supplier in a deal believed to be worth around $4 billion.

The sale came as a surprise to the market, as Alinta's private equity owners had been working on an IPO that appeared to be progressing well.


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