Hong Kong's billionaire Cheng family sells Australian energy firm for $4.3B to Singapore's Sembcorp
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Chow Tai Fook Enterprises, led by Hong Kong billionaire Henry Cheng, is selling Australia's Alinta Energy to Singapore's Sembcorp Industries for A$6.5 billion (US$4.32 billion). The deal marks a significant expansion for Sembcorp, giving it control of a major Australian energy retailer and generator. CTFE is reorganizing its holdings amid liquidity pressures at its real estate conglomerate, New World Development. Sembcorp expects the acquisition to boost earnings and further its Asia-Pacific expansion.
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