Chinese giant to buy Pakistani power company for $1.6b

Chinese multinational Shanghai Electric is set to buy the utility serving Pakistan's biggest city of Karachi, in a $1.6 billion deal that will be the biggest private-sector acquisition in the country's history. China is making the investment as part of a $46 billion project unveiled last year that will link its western Xinjiang province to Pakistan's Gwadar port with a series of infrastructure, power and transport upgrades.