Hong Kong Utilities Bid $9B For EDF's UK Assets

Law360, New York (July 30, 2010, 3:50 PM EDT) -- A group led by Cheung Kong Infrastructure Holdings Ltd. and Hongkong Electric Holdings Ltd. said Friday that it made an offer of HK$70 billion ($9.1 billion) for Electricité de France's power networks in the U.K.

The utilities, controlled by Hong Kong billionaire Li Ka-shing, would gain control of EDF Energy PLC, which runs three regional networks serving 7.8 million consumers in the U.K. The deal represents the largest acquisition yet for CKI and HK Electric, they said.

The transaction includes almost $5 billion in equity, with...
To view the full article, register now.