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CKI Leads Consortium to Sell UK Power Distributor UKPN w/ Enterprise Value Estimated at $176.8B
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CKI HOLDINGS (01038.HK), POWER ASSETS (00006.HK), and CK ASSET (01113.HK) announced that they had entered into an agreement with French energy company Engie to sell their entire stake in UK Power Networks (UKPN), a UK power distributor. The basic consideration totals GBP10.548 billion, equivalent to approximately HKD110.754 billion. UKPN is currently owned by CKI, PAH, and CKA subsidiaries with stakes of 40%, 40%, and 20% respectively. The basic consideration for the sale of all their shares and related shareholder debt notes is GBP4.219 billion, GBP4.219 billion, and nearly GBP2.11 billion, equivalent to HKD44.302 billion, HKD44.302 billion, and HKD22.151 billion, respectively. CKA and PAH expected to record gains of approximately HKD8.4 billion and HKD10.7 billion respectively from the disposal. Including CKI's approximately 36.01% stake in PAH, CKI expected to record an actual gain of approximately HKD14.5 billion from this transaction. People familiar with the matter said that, as estimated by the target transaction completion date at the end of June this year, the enterprise value of this transaction reaches GBP16.838 billion, equivalent to HKD176.8 billion, up nearly two times from the acquisition price in 2010. Considering the purchase price and interest until the transaction completion, the equity value is expected to be GBP11.078 billion, approximately HKD116.3 billion, representing an increase of nearly 3.34 times since 2010. AASTOCKS Financial News URL: www.aastocks.com |
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