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Monday, January 16, 2017, 11:30

Cheung Kong completes US$5.6b takeover of Aussie power giant

By Xinhua

Cheung Kong completes US$5.6b takeover of Aussie power giant
Hong Kong tycoon Li Ka-shing (R) listens to his son Victor Li Tzar-kuoi during a press conference in Hong Kong on Jan 9, 2015. Cheung Kong Holdings Ltd, controlled by Li announced its plans to reorganise group companies as two new Hong Kong-listed entities. (AFP / Philippe Lopez)

SYDNEY  -- A major Australian electricity and gas distributor, DUET Group , has completed a handshake deal with Cheung Kong Infrastructure Holdings (CKI) on a 7.6 billion Australian dollar (US$5.6 billion) takeover on Monday.

DUET has holdings in Victoria and Western Australia and the deal would see CKI add to its already expansive energy portfolio

DUET currently has holdings in Victoria and Western Australia, and the agreement would see CKI add to its already expansive energy portfolio, acquiring stakes in Victoria's United Energy, Western Australia's Dampier to Bunbury pipeline, and gas provider Multinet.

DUET's board is expected to accept the 3.03 Australian dollars per share offer , with the deal expected to take place later in the year subject to regulatory approval.

CKI is a global infrastructure company that diversified investment in energy infrastructure, transportation infrastructure, water infrastructure, waste management, waste-to-energy and infrastructure related business.

CKI has been actively pursuing opportunities in the Australian energy sector, having completed the 2.4 billion Australian dollars (US$1.8 billion) purchase of Envestra in 2014 , and tabling an offer for New South Wales company Ausgrid last year.

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