Huaneng buys Tuas Power for $3 billion

Temasek sells its Tuas Power asset to China Huaneng at a price that exceeds analysts' expectations.

China Huaneng Group, a power producer in China, has emerged the winner in an auction of Temasek-owned Tuas Power with a bid of S$4.235 billion $3.01 billion.

Tuas Power has been sold at a firm value of S$4.3 billion, including S$70 million of net debt on its books. This is the largest acquisition of a Singapore company since 2001, the largest-ever divestment by Temasek and the largest-ever acquisition by a Chinese power company, specialists say.

The deal will be...

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