CKI pays record $9.1 billion for EDF's electricity distribution in UK

Li Ka-Shing's CKI agrees to buy the debt-ridden UK electricity distribution business of France's EDF, which is the biggest ever Hong Kong deal in Europe.

Li Ka-Shing continues to grow his UK infrastructure and utility portfolio, as well as break new records. A group led by his Cheung Kong Infrastructure CKI has agreed to pay 5.8 billion $9.1 billion for the UK power distribution business of France's EDF.

The deal, which was announced on Friday, will be the biggest ever Hong Kong investment into Europe, exceeding Hutchison Whampoa's $7.6 billion purchase of a UK 3G licence in 2000.

CKI, controlled by Li Ka-Shing, Asia's richest man, linked up with Hong Kong Electric 39%-owned by CKI to buy EDF Energy Networks. According to bankers close to the deal, the price is a 22% premium to regulated...

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