China's State Grid to buy Australia power assets

China’s State Grid utility company is seeking to buy assets in Australia’s electricity generation sector from Singapore Power, The Wall Street Journal reported. According to reports, the deal is for an undisclosed amount and will include electricity and gas networks that supply Sydney and Melbourne. State Grid would buy 60% of Singapore Power’s unlisted assets, including the operator of a US$4.88 billion pipeline and transmission network, as well as 20% of SP AusNet (SPN.ASX), which is listed in Sydney. The deal will likely face scrutiny from Australian lawmakers as Chinese investment into critical infrastructure systems has historically been considered sensitive.