The Brief:
Singapore utility Sembcorp Industries closes its $6.5bn acquisition of Alinta Energy, picking up 1.1 million customers in one of Australia’s biggest energy deals.
Ashurst, HSF Kramer and Gilbert + Tobin divide the mandate across buy-side and sell-side advisory and acquisition financing.
Sembcorp has been circling Australian energy for a while. Now it owns one of the country’s largest energy platforms.
The Singapore-listed utility formally closed its $6.5bn takeover of Alinta Energy on 11 June, six months after the deal was announced in December 2025. The seller was Hong Kong conglomerate Chow Tai Fook Enterprises, which had held Alinta since 2017.
The deal
The acquisition hands Sembcorp a platform supplying 1.1 million customers, anchored by a 3.4GW operating portfolio, including the Loy Yang B coal station in Victoria, and a 10.4GW development pipeline.
The acquisition was structured through two Sembcorp subsidiaries acquiring shares in Pioneer Sail Holdings and Latrobe Valley Power (Holdings) — the entities through which Chow Tai Fook held Alinta.
To fund it, Sembcorp lined up a $3.1bn club facility across lenders in Australia and Asia. The facility covered the acquisition price, refinanced existing Alinta debt and locked in working capital flexibility post-completion.
Alinta will continue under its existing brand and structure, with Jeff Dimery staying on as Managing Director and CEO alongside his leadership team.
Who’s acting
Ashurst advised Sembcorp on the M&A, led by Co-Head of M&A Tony Damian, with partners Paul Lingard and Murray Wheater, and senior associates Eliza Wallace, Bill Lo and Rachel Werner.
HSF Kramer acted for seller Chow Tai Fook Enterprises, led by PEI Managing Partner Nick Baker and Corporate Partner Baden Furphy, supported by Counsel Ying Yi Soh, Senior Associate Dan English and Solicitor Stefan Baldwin.
Gilbert + Tobin advised Sembcorp on the $3.1bn financing, led by Co-Head of Real Assets Stuart Cormack, with lawyers Stephen Adrian and Hannah Townley.
What they said
Tony Damian said: “The acquisition of Alinta Energy will help drive Australia’s energy transition. The Australian M&A market remains buoyant and we are seeing strong cross-border M&A flows.”
Nick Baker said: “This transaction is significant for the Australian energy market. It brings new investment to one of the country’s largest energy companies at a time when the sector is delivering through the challenges of the energy transition.”
Source: Ashurst, HSF Kramer, Alinta, Sembcorp