China Southern Power Grid Technology (SHA:688248) agreed to fully acquire power testing and commissioning company Guangzhou YueNeng Electric Power Technology Development from related party HuiNeng Industrial.
The 445.0-million-yuan acquisition aims to resolve horizontal competition and boost industrial synergies, according to a weekend filing with the Shanghai bourse.
The transaction requires shareholder approval.
Shares of the power energy systems developer rose 9% in recent trade.
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