Singapore Power Ltd.Buys Grid from GPU

Singapore Power Ltd. will purchase the power-transmission network for the Australian state of Victoria from a U.S. company for Adollars2 billion.

Singapore's electric utility company will acquire the network, known as PowerNet, from GPU Inc. The Australian state, which includes Melbourne, sold the network to GPU for about Adollars2.5 billion in 1997, after a competition in which Singapore Power was outbid.

Singapore Power, which has purchased power-generation capacity in six Asian countries since 1995, said the Australian network will be its first acquisition of a foreign transmission network, as well as the utility's biggest foreign investment to date.