Infrastructure firm and allies are in final negotiations to spend more than $13.9b
Cheung Kong Infrastructure Holdings (CKI) is poised to buy a gas transmission network in Britain for more than GBP1 billion (HK$13.96 billion) in one of its largest overseas deals, sources say.
The infrastructure arm of Cheung Kong (Holdings) and its allies were in the final phases of talks over the purchase of one of five gas networks put up for sale by British utility National Grid Transco, the sources said.
CKI, aligned with United Utilities and GE Capital, was among three front runners contesting pipeline assets valued at a combined GBP5 billion, they said.
Today was a public holiday in Britain, so the deal would be sealed tomorrow at the earliest, a source close to the deal said.
Another source said a senior management team - led by CKI executive director and deputy managing director Eric Kwan Bing-sing - was in the advanced stages of negotiations with National Grid Transco and the vendor's financial advisers, Rothschild and Morgan Stanley.
CKI spokeswoman Wendy Tong Barnes yesterday said the company was waiting for the bidding results and declined to comment further.
