Australia approves Chow Tai Fook's Alinta deal
Chow Tai Fook is best known for its jewelry stores in China. [Photo: liansuo.com]
Hong Kong conglomerate Chow Tai Fook, which is best known for its jewelry stores, has won Australian regulatory approval to acquire gas and electricity provider Alinta Energy.
A spokeswoman for Treasurer Scott Morrison said the deal has been approved by the Foreign Investment Review Board and is subject to strict conditions.
It's being reported that Chow Tai Fook agreed in March to pay investors, including buyout firm TPG Capital, over 3 billion U.S. dollars for Alinta.
Once completed, the deal would mark a first foray into the Australian energy sector for the Hong Hong-based company, which already has stakes in Australian real estate and resorts.