China’s State-backed Shanghai Electric Power Co. has agreed to buy 66% of Pakistan’s K-Electric for a whopping sum of about $1.77 billion.
In a deal announced over the weekend, Shanghai Electric will be buying out Dubai company, Abraaj Group for a controlling shareholding in Pakistani utility K-Electric.
K-Electric is said to have about to 2.5 million customers and is one of the largest Discos in the region.
Analysts opine that the customer base of K-Electric is probably a combination of electricity customers in Lagos, Benin and Abuja.
Source: Abraaj to Sell Stake in Pakistani Utility for $1.77 Billion
