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Australia: State energy company selling $5.6bn stake

 |  May 11, 2017

A consortium led by Macquarie Group is buying a controlling stake in one of Australia’s biggest public energy companies in a deal that will deliver a $5.6bn windfall to the New South Wales government.

The sale of a 50.4 per cent stake in Endeavour Energy to the Advance Energy consortium completes a trio of energy sales in NSW under an “asset recycling” policy, which the US administration has flagged as a possible model for its own infrastructure program.

“Through initiatives like asset recycling and our strong financial management, we have catapulted NSW from the bottom of the national economic ladder right to the very top,” Dominic Perrottet, NSW treasurer, said on Wednesday.

The NSW government says it has raised more than $14.75bn over three years through its asset recycling policy to pump into road, rail, school and other projects across Australia’s most populous state.

Full Content: Financial Times

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