CKI completes £5.7bn deal for EDF's UK network

City A.M. Reporter
Cheung Kong Infrastructure Holdings and Hongkong Electric Holdings have completed acquisition of entire EDF Energy ownership of its United Kingdom networks for £5.775bn.

Cheung Kong Infrastructure and Hongkong Electric each holds 40 per cent stake in the investment with remaining 20 per cent taken by the Li Ka Shing Foundation Limited and Li Ka Shing (Overseas) Foundation, the firms said in a statement.

The newly acquired asset comprises three regional networks covering London, South East England and the East of England. Serving about 7.8m customers, the networks represent the largest single electricity distributor in the United Kingdom.

Cheung Kong Infrastructure's group managing director H L Kam said the company will consider more acquisitions and is studying more than 10 acquisition opportunities in different sectors around the world.

Analysts said Hong Kong billionaire Li Ka-shing's offer for French utility EDF's UK power grids in July suggested more Asian cash was in the pipeline for similar assets.