Billionaire Li Ka-Shing’s CK Group To Sell UK Power Networks To France’s Engie For $14 Billion [Forbes]
POWER ASSETS HLDGS S/ADR (HGKGY)
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Source: Forbes
Referred to collectively as the CK Group, the Li family's CK Infrastructure Holdings, Power Assets Holdings and CK Asset Holdings plan to sell UK Power Networks (UKPN) for 10.5 billion pounds ($14.2 billion). CK Infrastructure and Power Assets each own 40% of UKPN while CK Asset owns 20%. Engie will finance the deal through a mix of equity and debt. Slated for completion by mid-2026, subject to regulatory approvals, the transaction bolsters Engie's position in the U.K., which will become the company's second-largest contributor, next to France. “The acquisition of UKPN represents a decisive step in strengthening Engie's position as the best energy transition utility,” Catherine MacGregor, CEO of Engie, said in a statement. “It is fully aligned with our ambition to become a key player in regulated electricity network infrastructures, which are essential for energy security, demand electrification and greater system flexibility.” UKPN supplies electricity to 8.5 million customers
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