Li-controlled companies buy Canadian parking firm for HK$2.48b

Cheung Kong (Holdings) and Cheung Kong Infrastructure (CKI) have agreed to pay C$347.56 million (HK$2.48 billion) for a parking business in Canada that operates in the country's biggest cities.

Both companies are controlled by Li Ka-shing. The firm, Park'N Fly, provides parking near airports in Canadian cities including Toronto, Montreal and Vancouver.

It will be acquired by a joint venture in which Cheung Kong and CKI each owns 50 per cent, according to a statement from Hutchison Whampoa, which is controlled by Cheung Kong and is in turn the parent company of CKI.

Separately, European Union antitrust regulators have cleared Hutchison's US$1 billion bid for Telefonica's Irish unit after the Hong Kong-based group agreed on measures to aid smaller competitors in Ireland. Hutchison is looking to strengthen its position in Europe.

The latest acquisitions by the Cheung Kong group of companies rebalance its holdings in Hong Kong and on the mainland in favour of international assets.

Park'N Fly had an unaudited net asset value of about C$88 million at the end of last year. For the financial year to December 31, unaudited net profit before tax and extraordinary items was about C$16.4 million.