China’s State Grid Sells AusNet Stake for $1.3 Billion

What’s new: A unit of State Grid Corp. of China sold its 19.9% stake in Australian electricity and gas distribution company AusNet Services Ltd. for A$1.79 billion ($1.3 billion), more than twice what it paid in 2013, State Grid said Monday.

The Chinese state-owned power company said its overseas subsidiary State Grid International Development Ltd. sold the stake for A$2.65 ($1.91) per share, a 117.2% premium from the A$1.22 per share it paid nine years ago.