li-kashing-buys-new-zealand-power-assets

Li Ka-shing buys New Zealand power assets

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 customers in Lower Hutt, Upper Hutt, Porirua and Wellington City. It was acquired by Vector in 2002 from Aquila, an American company. Prior...
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