Cheung Kong Infrastructure, controlled by Hong Kong-based tycoon Li Ka-shing, is to buy Northumbrian Water, a publicly listed British utilities company, for $3.9bn (£2.4bn).
The board of the British FTSE 250 utility on Tuesday unanimously recommended the 465p-a-share all-cash offer from CKI, giving the company an enterprise value, including net debt, of £4.74bn.
The offer represents a 26.4 per cent premium to Northumbrian’s share price of 367.9p before talk of a bid surfaced in late June.
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