The sale of Endeavour Energy to a consortium led by Macquarie Group's infrastructure arm is the last chapter in a controversial three-stage privatisation process the state government took to the last election.
The company will be leased for 99 years under the terms of the deal. The federal government typically provides a 15 per cent bonus on the value of the asset sales made by states.
NSW Premier Gladys Berejiklian said the two Australian companies make up 55 per cent of the consortium.
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Schumer also repeated his call for a special counsel to investigate ties between Trump's campaign and the Russian government. Vice President Mike Pence is defending the firing, saying the "president made the right decision at the right time ".
Australian governments are selling assets to fund roads and public transport as the population grows, especially around the country's biggest city and NSW capital of Sydney.
The NSW government will receive more than $7 billion from leasing half of state electricity network Endeavour Energy. It is paying 1.6 times the regulated asset base - a measure of the value of assets in a regulated business.
The winning bidder includes Macquarie Infrastructure, AMP Capital, Canada's British Columbia Investment Management Corporation and the Qatar Investment Authority.
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There has been widespread public support for Monday's decision, while political experts have given mixed responses. A two-thirds majority of MPs must agree to a move that will shorten the lifespan of a parliament.
Macquarie has a slightly more than 30% stake in the Advance Energy venture, and Australia's AMP Ltd. (AMP.AU), on behalf of REST Industry Super, has 25%.
It is the last of three power grid sales by NSW state, following the A$16.2 billion sale of Ausgrid in October to a consortium of Australian pension funds, and that of TransGrid to an global consortium of funds for A$10.26 billion in November 2015. The state will retain the remaining interest in the operation.
Australian federal and state governments developed the "asset recycling" strategy in 2014 as a way to boost economic growth and build much needed infrastructure.
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Eurozone economic growth rate remained stable in the first quarter, preliminary flash estimate from Eurostat showed Wednesday. The FOMC raised the federal funds interest rate in March from 0.75 to 1 percent.
Steven Roth, co-chairman of Mr Trump's infrastructure task force, recently said the USA administration was looking "very carefully" at how Australia is financing its building programme through "infrastructure recycling".
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