M&A Deal Summary

Power Assets Holdings, Cheung Kong Infrastructure Holdings and Li Ka Shing Foundation Acquires UK Power Networks Holdings

On November 1, 2010, Power Assets Holdings Ltd., Cheung Kong Infrastructure Holdings Ltd. and Li Ka Shing Foundation Ltd. acquired utilities company UK Power Networks Holdings Ltd. from EDF Energy plc for 5.8B GBP

Acquisition Highlights
  • This is Power Assets Holdings’ 7th, Cheung Kong Infrastructure Holdings’ 9th and Li Ka Shing Foundation’s 1st transaction in the Utilities sector.
  • This is Power Assets Holdings’ 1st, Cheung Kong Infrastructure Holdings’ 1st and Li Ka Shing Foundation’s 1st largest (disclosed) transaction.
  • This is Power Assets Holdings’ 3rd, Cheung Kong Infrastructure Holdings’ 5th and Li Ka Shing Foundation’s 2nd transaction in the United Kingdom.

M&A Deal Summary

Date 2010-11-01
Target UK Power Networks Holdings Ltd.
Sector Utilities
Buyer(s) Power Assets Holdings Ltd.
Cheung Kong Infrastructure Holdings Ltd.
Li Ka Shing Foundation Ltd.
Sellers(s) EDF Energy plc
Deal Type Divestiture
Deal Value 5.8B GBP

Target

UK Power Networks Holdings Ltd.

Maidstone, United Kingdom
website
UK Power Networks Holdings Ltd.own and maintain electricity cables and lines across London, the South East and East of England making sure your lights stay on,We maintain and upgrade power equipment.

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Buyer(S) 3

Buyer

Power Assets Holdings Ltd.

Central, China

website


Category Company
Founded 1889
SectorRenewable Energy
Employees13
Revenue 1.3B HKD (2020)
DESCRIPTION

Power Assets Holdings is a provider in power and utility-related businesses with investments in electricity generation, transmission and distribution, renewable energy, energy from waste and gas distribution. Power Assets Holdings was founded in 1889 and is based in Central, China.


DEAL STATS #
Overall 8 of 13
Sector (Utilities) 7 of 11
Type (Divestiture) 2 of 3
Country (United Kingdom) 3 of 4
Year (2010) 3 of 3
Size (of disclosed) 1 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-06-04 Seabank Power Ltd.

Bristol,, United Kingdom

Seabank owns and operates Seabank Power Station, which comprises two combined-cycle gas turbine generation units with an aggregate capacity of approximately 1,140 MW.

Buy £108M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-02-28 Meridian Cogeneration Plant

Lloydminster, Alberta, Canada

Meridian Cogeneration Plant operates a natural gas-fired cogeneration plant with an installed capacity of 220 megawatts.

Buy CA$91M
Buyer

Cheung Kong Infrastructure Holdings Ltd.

Hong Kong, China

website


Category Company
Founded 1996
SectorInfrastructure
Employees2,365
Revenue 7.2B HKD (2020)
DESCRIPTION

CKI is a global infrastructure company that aims to make the world a better place through a variety of infrastructure investments and developments in different parts of the world. The Group has diversified investments in Energy Infrastructure, Transportation Infrastructure, Water Infrastructure, Waste Management, Waste-to-energy, Household Infrastructure, and Infrastructure Related Businesses. CKI was founded in 1996 and is based in Hong Kong, China.


DEAL STATS #
Overall 12 of 22
Sector (Utilities) 9 of 14
Type (Divestiture) 3 of 4
Country (United Kingdom) 5 of 7
Year (2010) 4 of 4
Size (of disclosed) 1 of 15
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-06-04 Seabank Power Ltd.

Bristol,, United Kingdom

Seabank owns and operates Seabank Power Station, which comprises two combined-cycle gas turbine generation units with an aggregate capacity of approximately 1,140 MW.

Buy £108M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-02-28 Meridian Cogeneration Plant

Lloydminster, Alberta, Canada

Meridian Cogeneration Plant operates a natural gas-fired cogeneration plant with an installed capacity of 220 megawatts.

Buy CA$91M
Buyer

Li Ka Shing Foundation Ltd.

Hong Kong, China

website


Category Company
Founded 1980
SectorFinancial Services
DESCRIPTION

Li Ka Shing Foundation Ltd. is a charitable institution that helps communities to build better standards of living.


DEAL STATS #
Overall 2 of 5
Sector (Utilities) 1 of 3
Type (Divestiture) 1 of 2
Country (United Kingdom) 2 of 4
Year (2010) 1 of 1
Size (of disclosed) 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-08-31 North England Gas Distribution Network

United Kingdom

EG is one of the 8 major gas distribution networks in the United Kingdom. Its network extends south from the Scottish border to South Yorkshire, containing a mixture of large cities (Newcastle, Middlesborough, Leeds and Bradford) and a significant rural area including North Yorkshire and Cumbria. It comprises approximately 36,000 km of distribution gas mains, with a total gas demand of 94 TWh. The network serves a total population of 6.7 million.

Buy £1.4B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-10-14 Northumbrian Water Group Ltd.

Durham, United Kingdom

Northumbrian Water Limited (NWL) provides water and sewerage services in the north east of England under the brand name Northumbrian Water and water services in the south east under the brand name Essex & Suffolk Water. It serves 2.7 million people in the north with water and sewerage services and 1.8 million people in the south with water services.

Buy £2.4B

Seller(S) 1

SELLER

EDF Energy plc

London, United Kingdom

website


Category Company
SectorEnergy Services and Equipment
Employees14,800
DESCRIPTION

EDF Energy is one of the UK’s largest energy companies and its largest producer of low-carbon electricity. A wholly-owned subsidiary of the EDF Group, one of Europe's largest energy groups, we generate around one fifth of the UK's electricity and employ around 15,000 people. We supply electricity and gas to around 5.5 million residential and business customers, making us the biggest supplier of electricity by volume.


DEAL STATS #
Overall 1 of 2
Sector (Utilities) 1 of 1
Type (Divestiture) 1 of 2
Country (United Kingdom) 1 of 2
Year (2010) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2009-02-03 British Energy Ltd.

East Kilbride, United Kingdom

British Energy is a biggest producer of electricity and together provides power to a quarter of the country’s population. With a current installed capacity of around 16.5GW, it supplies gas and electricity to over 5.5 million business and residential customers from our nuclear, coal and gas power stations, as well as combined heat and power plants and wind farms.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-08-31 West Burton B Ltd.

Retford, United Kingdom

West Burton Energy is an independent power producer and a leading supplier of electricity. West Burton Energy operates a 1332 MW Combined Cycle Gas Turbine (CCGT) power station, a 49MW battery, and has a permitted site for a planned Open Cycle Gas Turbine (OCGT) project. West Burton Energy is based in Retford, United Kingdom.

Sell -