Singapore Power has said that SP AusNet's board has decided not to proceed with the acquisition of the assets and businesses of Alinta that were acquired by Singapore Power International.
The Alinta assets were offered by Singapore Power International (SPI) to SP AusNet as part of SPI’s intention to invest through SP AusNet in electricity and gas transmission and distribution growth opportunities in Australia and New Zealand.
SP AusNet board’s decision was due to the ongoing deterioration in capital markets and, in particular, debt capital markets.
Quek Poh Huat, group CEO of Singapore Power, said: We understand and respect the decision of the SP AusNet board not to proceed with the acquisition of the Alinta assets. The sale process has been rigorous and transparent and we are disappointed that the transaction cannot be completed. The current financial markets have not been favorable to SP AusNet.