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Chinese takeover of Chilean utility approved

Apr 8, 2021
Companies
Posted by Patrick Haddad

Chile’s competition regulator has approved a $3 billion takeover by China’s State Grid International Development of Spanish power company Naturgy’s Chilean unit Compania General de Electricidad (CGE).

Spain’s Naturgy said last November it had agreed to sell 96% of Chilean unit CGE to China’s State Grid for $3 billion, amid rising investment from the world’s second-largest economy in South America.

Chile’s Fiscalía Nacional Económica (FNE), the country’s antitrust authority, said in a statement that it had given its unconditional approval for the deal, saying that it did not substantially affect competition in the power sector.

CGE is mainly engaged in the transmission and distribution of electric power and owns distribution concessions in 11 regions across Chile.

Source: Reuters

Photo (for illustrative purposes): pylon / Michael Schwarzenberger / Pixabay / Free for commercial use

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