SYDNEY, Dec 2 (Reuters) - Australia’s New South Wales state will begin the sale process for a majority stake in eletricity network Endeavour Energy on Friday, the New South Wales treasurer said, a transaction expected to be worth around A$4 billion ($2.96 billion).
The sale is the final of three power grid sales by the state government, following the A$16.2 billion sale of Ausgrid in October to a consortium of Australian pension funds and the sale of TransGrid to an international consortium of funds for A$10.26 billion in November 2015.
The Ausgrid deal was agreed at a price lower than bids made by Chinese and Hong Kong suitors after Australia’s treasurer Scott Morrison blocked the foreign bids, frustrating the bidders and spooking foreign investors.
Bidding for Endeavour Energy will be open until January 16, 2017, state treasurer Gladys Berejiklian said in a statement, adding that proceeds will be spent on infrastructure. ($1 = 1.3493 Australian dollars) (Reporting by Tom Westbrook; Editing by Alexandra Hudson)