CKI and HK Electric complete purchase of EDF’s UK grids

HONG KONG (BestGrowthStock) – Cheung Kong Infrastructure Holdings Ltd (1038.HK: ) and Hongkong Electric Holdings Ltd (0006.HK: ) have completed acquisition of entire EDF Energy Plc’s (EDF.PA: ) ownership of its United Kingdom networks for 5.775 billion pounds ($9.26 billion).

Cheung Kong Infrastructure and Hongkong Electric each holds 40 percent stake in the investment with remaining 20 percent taken by the Li Ka Shing Foundation Limited and Li Ka Shing (Overseas) Foundation, the firms said in a statement.

The newly acquired asset comprises three regional networks covering London, South East England and the East of England. Serving about 7.8 million customers, the networks represent the largest single electricity distributor in the United Kingdom.

Cheung Kong Infrastructure’s group managing director H L Kam said the company will consider more acquisitions and is studying more than 10 acquisition opportunities in different sectors around the world.

Analysts said Hong Kong billionaire Li Ka-shing’s offer for French utility EDF’s UK power grids in July suggested more Asian cash was in the pipeline for similar assets.

(Reporting by Donny Kwok; Editing by David Chance)

CKI and HK Electric complete purchase of EDF’s UK grids