US EditionFrance's Engie to buy UK power grid from Hong Kong conglomerate for $14 billion
CK Group sells UK Power Networks to Engie for £10.5 billion to monetize investment amid geopolitical tensions, serving 8.3 million customers in London and surrounding regions.
- On Thursday, a consortium of CK Infrastructure Holdings, CK Asset Holdings and Power Assets agreed to sell their 100 per cent stake in UK Power Networks to Engie for 10.5 billion, disclosed before Hong Kong markets opened on Thursday.
- Facing pressure over its international assets, the CK group has pursued an A.S. Watson Group IPO, global telecom listings, and potential port asset sales worth $19 billion amid Panama Canal scrutiny.
- UK Power Networks is a major distributor serving over 8.3 million consumers across three regional networks with around 192,000km of lines, acquired in 2010 for 5.77 billion. Owned 40% by CK Infrastructure, 40% by Power Assets, and 20% by CK Asset.
- Investors pushed CK Hutchison shares up as the group disclosed the sale, triggering gains of about 2 to 3 per cent in early Thursday trading; unit CK Infrastructure Group expects an effective gain of about HK$14.5 billion, a stock-exchange filing showed.
- The deal positions CK Hutchison flagship conglomerate to reduce investor disconnect amid geopolitical tensions, with the sale of UK Power Networks shifting control during broader asset restructuring efforts, as Panama occupied two port facilities.
23 Articles
23 Articles
France strengthens grip on Britain’s energy market in £10billion deal for London power network
French energy company ENGIE has agreed a £10.5billion takeover of UK Power Networks in one of the largest transactions in Britain’s energy sector in more than a decade.The acquisition gives control of London’s electricity distribution network to a company in which the French state holds around 24 per cent, making it the anchor shareholder with significant voting rights.The transaction values UK Power Networks at an enterprise value of £15.8billi…
Billionaire Li Ka-Shing’s CK Group To Sell UK Power Networks To France’s Engie For $14 Billion
The divestment of the U.K. Power Networks comes as the proposed sale of CK Hutchison's stakes in 43 ports across 23 countries to a BlackRock-led consortium was delayed under Beijing’s scrutiny, and after Panama’s Supreme Court in January voided two of its port contracts.
Li Ka-shing Sheds Key UK Power Asset in Makeover for New Era
CK Group has agreed to sell the UK’s largest power-distribution network for £10.5 billion ($14.2 billion), as Hong Kong billionaire Li Ka-shing accelerates divestment efforts to insulate his empire from geopolitical risk.
The Engie Group took off on the Paris Stock Exchange on Thursday 26 February, following the announcement of the acquisition of UK Power Networks (UKPN), one of the largest British electricians. The British company is valued at £10.5 billion.
CK group to sell 100% stake in UK electricity operator for US$14.2 billion
A consortium comprising CK Infrastructure Holdings, CK Asset Holdings and Power Assets Holdings has agreed to sell all of its interest in UK Power Networks to French multinational electric utility Engie in a deal worth £10.5 billion (US$14.2 billion), according to a joint filing issued before the Hong Kong market opened on Thursday. The agreement was signed after trading hours on Wednesday in Hong Kong, London and Paris. The announcement trigger…
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