M&A

Li Ka-shing buys New Zealand power assets

By Sameera Anand | 29 April 2008
Keywords: ks li | cheung kong infrastructure | vector

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Cheung Kong Infrastructure wins a hotly contested auction for Vector's Wellington electricity network, paying $614 million for the asset.

Cheung Kong Infrastructure will buy the Wellington electricity network currently owned by Vector in New Zealand for NZ$785 million ($614 million).

Goldman Sachs JBWere conducted an auction of the assets on behalf of Vector, putting the investment bank on the other side of the table from a Li Ka-Shing company and one of its key Hong Kong relationships. Media has speculated that other parties bidding for the asset included: China's power grid operator, State Grid Corp; Westpac Banking Corp's Hasting Funds Management; and Macquarie.

The Wellington electricity network serves ...

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