Hong Kong tycoon Li Ka-shing has extended his overseas buying spree and looks set to keep going. On Friday, a consortium including Cheung Kong Infrastructure, Cheung Kong Holdings and Power Assets, agreed to buy Australia’s gas distributor Envestra in a deal that values the latter at A$2.4 billion.
The consortium put in the bid on May 8 and Envestra’s independent directors unanimously recommended the cash offer of A$1.32 on Friday. The consortium beat a rival bid from APA, Envestra's manager and largest shareholder with a 33% stake.
Analysts expect Cheung Kong-related companies to keep buying overseas assets and join hands for bigger acquisitions.