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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One other of the four Americans detained, Kim Sang-duk, also taught at PUST. The government said he was arrested for "committing criminal acts".
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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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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They also discussed Trump's "desire to build a better relationship between the United States and Russian Federation ". Trump made the comments during a surprise Oval Office meeting with former Secretary of State Henry Kissinger .
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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