Hong Kong billionaire Li Ka-shing has added to his collection of British utilities after a consortium led by his flagship Cheung Kong Holdingsagreed to buy Wales and West Utilities, the UK gas company, for £645m.
The deal adds another strand to Mr Li’s long-term strategy of buying utilities in the UK, Canada and Australia because they offer stable regulatory environments, common law jurisdictions and predictable returns.
Wales and West Utilities manages gas transportation assets and gas distribution as well as meter services in Wales and the south west of England, the Cheung Kong-led consortium said in a statement to the Hong Kong stock exchange yesterday. The consortium was advised by Nomura.
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