BEIJING, Nov. 1 (Xinhua) -- State Grid Shanghai Municipal Electric Power Company (SEP) signed an agreement with Abraaj Group of United Arab Emirates to buy 66.4 percent stake of K-Electric (KE) for 1.77 billion U.S. dollars.
The project still needs to be approved by regulators of the two countries.
K-Electric is Pakistan's biggest electricity company, supplying power for residents in and around Karachi city, the country's biggest city. The transaction is the largest M&A deal in Pakistan in a decade.
Analysts say that SEP's acquisition of KE makes fresh contribution to construction of China-Pakistan economic corridor, which is a strategically important channel to promote the Belt and Road initiative. (Edited by Yang Qi, kateqiyang@xinhua.org)
A single purchase
