The Hong Kong company hired Goldman Sachs to explore selling the electricity business it bought in 2017.
, in a deal that could value it at about $US3 billion , people with knowledge of the matter said.
Chow Tai Fook is working with Goldman Sachs on the potential divestment, said the people, who asked not to be identified as the information was private. The company has reached out to several prospective suitors to gauge interest in Alinta and is planning to launch the sale process formally as soon as the coming weeks, the people said.Deliberations are ongoing and details such as timing and price may change, according to the people.
Alinta Energy sells gas and electricity to more than 1 million households and employs about 800 people across Australia and New Zealand. It generates about 3000 megawatts of power. Cheng’s company bought Alinta Energy for more than $US3.1 billion in 2017, Bloomberg News reported at the time.Henry Cheng has a net worth of $US24.2 billion, according to the Bloomberg Billionaires Index. His family controls Hong Kong-based real estate developer New World Development and jewellery retailer Chow Tai Fook Jewellery Group.
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