Hong Kong Mogul-Led Group Ponies Up $1B For Gas Co.

Law360, New York (July 25, 2012, 5:45 PM EDT) -- A consortium of Chinese companies under the control of Hong Kong mogul Li Ka-shing, the richest man in Asia, has agreed to acquire U.K. gas distribution company MGN Gas Networks Ltd. for $1 billion, the consortium announced Wednesday.

The Chinese group is led by Cheung Kong Holdings Ltd. a real estate developer controlled by Li. In a joint statement, the companies in the group said they would buy MGN Gas from a group of investment companies and fund managers. Among the sellers of MGN gas is...
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