How it started
History
In 2004 Singapore Power paid US$3.7 billion for TXU's Australian energy portfolio, and in 2005 resold power generation and retailing assets in the TXU portfolio to Hong Kong–based CLP Group for about $2.2 billion. Later in 2005, it publicly floated the business as SP AusNet, and selling 49% of the remaining assets for about $1 billion to the public, while retaining a 51% stake. In 2007, it joined with Babcock & Brown for the $7.4 billion Alinta acquisition, and during the Great Recession that year, it tried but failed to sell the Alinta assets into SP AusNet.
In May 2013, Singapore Power sold 19.9% of its 51% stake in the company to State Grid Corporation of China for A$824 million, valuing the company at A$4.1 billion.
SP AusNet changed its name to AusNet in August 2014, following the end of a management services agreement between Singapore Power and SP AusNet in March.
In February 2022, AusNet was taken private after a successful 2021 bid from Brookfield Asset Management with a number of Australian and Canadian pension funds as co-investors.
From Wikipedia’s article on AusNet Services, shared under CC BY-SA 4.0.2