Singapore Power buys TXU Australia energy firm for 3.75 billion dollars

0 Comments | AFP, April, 2004

SINGAPORE (AFP) — Singapore Power has acquired energy firm TXU Australia from its US parent for 5.1 billion Australian dollars (3.75 billion US dollars), furthering its already substantial investment in the country.

In a statement issued here late Monday, the state-owned utility said the purchase from US-based TXU Corp. was aimed at tapping into the vast potential offered by the Australian market.

The deal marks Singapore Power's biggest Australian investment, eclipsing its 2.1 billion dollar acquisition of the electricity transmission grid of the southern state of Victoria in 2000.

Singapore Power said the purchase, subject to approval from Australian regulatory authorities, would be funded by cash and borrowings.

"We believe that the Australian...