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CK Asset takes US$1.22B stake in investment holding company


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CK Asset takes US$1.22B stake in investment holding company

Three CK Hutchison Holdings Ltd. companies have entered into an economic benefits agreement for interests in Cheung Kong (Infrastructure Investment) Ltd. and its subsidiaries.

Under the Aug. 31 deal, units of CK Asset Holdings Ltd., CK Infrastructure Holdings Ltd. and Power Assets Holdings Ltd. will receive benefits in proportion to their respective 40%, 30% and 20% stakes in the company. The trio are paying about US$1.22 billion, US$917.2 million and US$611.5 million for their shareholdings.

CK Asset, CK Infrastructure and Power Assets will earn their returns from the investments based on the performance of Cheung Kong (Infrastructure Investment)'s infrastructure assets portfolio.

The investment holding subsidiary of Cheung Kong (Holdings) Ltd. and its subsidiaries hold stakes in Canada's largest off-airport car park provider, a water and sewerage company in England and Wales, a natural gas distributor in Australia, a gas distribution network provider in Wales and the South West of England, a rolling stock operating company in the U.K. and the Netherlands' largest energy-from-water company.