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CK Asset, CK Hutchison unit shareholders OK proposed European company buy

Having secured majority approvals from independent shareholders of CK Asset Holdings Ltd. and CK Hutchison Holdings Ltd. unit CK Infrastructure Holdings Ltd., respectively, the duo will move forward with their proposed joint venture transaction to acquire a European sub-metering company.

At the extraordinary general meeting of CK Asset, formerly titled Cheung Kong Property Holdings Ltd., 99.72% votes were cast in favor of the resolution to jointly acquire ista Luxemburg GmbH. Meanwhile, the motion was passed at CK Infrastructure's special general meeting with 99.87% votes in support of the deal.

Consequently, CK Asset and CK Infrastructure will make respective investments of €2.93 billion and €1.58 billion in their joint venture, dubbed Lamarillo Sàrl, with the intention to indirectly hold interests of 65% and 35% in the target company.

Trius Holdings SCA's investment in ista, represented by €550.0 million of preferred equity certificates and €1.0 million of shares, will be purchased subject to the satisfaction of all closing conditions under its sale and purchase agreement. The parent company of Trius Holdings, Trionista TopCo GmbH, expects the deal to wrap up in the fourth quarter.