Hong Kong Billionaire Pays $1B For Waste-To-Energy Co.

Law360, New York (June 17, 2013, 4:59 PM EDT) -- A group of companies controlled by Hong Kong billionaire Li Ka-shing said Monday that they have agreed to pay 9.7 billion Hong Kong dollars ($1.25 billion) for AVR Afvalverwerking BV, a Dutch company that converts waste to energy.

Three of the companies — conglomerate Cheung Kong Holdings Ltd., infrastructure firm Cheung Kong Infrastructure Holdings Ltd. and utility Power Assets Holdings Ltd. — are part of the Cheung Kong Group, a multinational conglomerate controlled by Li, whose net worth of $31 billion makes him the eighth-richest person...
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