SYDNEY, Oct 20 (Reuters) - An Australian state government has agreed the sale of a majority stake in the country's biggest electricity network to a pair of local pension funds, a source familiar with the deal told Reuters on Thursday.
The Australian Financial Review reported that IFM Investors, which invests on behalf of 29 domestic superannuation funds, and AustralianSuper, which says it holds the pensions of one in six working Australians, had offered around A$10 billion ($7.7 billion) for the Ausgrid network.
The deal is expected to be formally announced later on Thursday, the source said.
Previous bids by State Grid Corp of China STGRD.UL and Hong Kong-listed Cheung Kong Infrastructure Holdings Ltd 1038.HK were blocked by the Australian government, citing unspecified national security concerns. = 1.3007 Australian dollars)