Rio Tinto is advancing the sale of power infrastructure assets in Australia and Canada. The auction is reportedly valued at around $7 billion.
New York-based global credit and alternative asset manager Ares Management has entered the race with an offer. It has hired JPMorgan and UBS to advise on due diligence and financing.
Ares faces competition from at least two other major investment firms: private equity giant KKR and BlackRock-owned Global Infrastructure Partners. Earlier reports also said Singapore’s sovereign wealth fund, GIC, was preparing a bid.