Deals
Shanghai Electric Power Said to Lead Bidding for K-Electric
- Abraaj selling controlling stake in $2.4 billion utility
- Chinese state-owned firm has outbid other parties in sale
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State-backed Shanghai Electric Power Co. has emerged as the lead bidder for a controlling stake in K-Electric Ltd., the $2.4 billion Pakistani utility, according to people familiar with the matter.
The Chinese company has submitted the highest bid for buyout firm Abraaj Group’s 66 percent stake, the people said, asking not to be identified as the information is private. A deal could be announced in the coming weeks, though no final agreement has been reached and the parties are still negotiating final terms, they said.