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SP AusNet (ASX:SPN) says Singapore Power Limited has inked a deal with State Grid International Development, a subsidiary of State Grid Corporation of China, to acquire a 19.9 per cent stake in the Australian electricity distributor.

 

The deal is subject to a number of conditions and on completion, Singapore Power will continue to be the largest shareholder in SP AusNet, with a stake of 31.1 per cent.

 

The public will continue to own 49 per cent of the company.

 

SP AusNet says its board and management are reviewing the implications of the transaction and will provide more information as soon as practical.

 

It says the deal is at the securityholder level and will not impact the day-to-day operations, management of employees of SP AusNet.

 

SP AusNet generated a net profit of $279.1 million for the full year ended March 31.