Nan Fang Du Shi Bao·2026-02-27 01:35Core Viewpoint - Li Ka-shing's Cheung Kong Group has agreed to sell its 100% stake in UK Power Networks (UKPN) to Engie UK 2026 Limited for over HKD 110 billion, marking one of the largest transactions in the global utility sector in recent years [1][5]. Group 1: Transaction Details - The sale involves Cheung Kong Infrastructure, Power Assets Holdings, and Cheung Kong Holdings, which hold 40%, 40%, and 20% stakes in UKPN, respectively [3]. - The total consideration for the sale includes GBP 42.192 billion (approximately HKD 443.016 billion) for Cheung Kong Infrastructure and Power Assets, and GBP 21.096 billion (approximately HKD 221.508 billion) for Cheung Kong Holdings [3]. - The estimated enterprise value of the transaction is GBP 168.38 billion (approximately HKD 1,768 billion), with an equity value of GBP 110.78 billion (approximately HKD 1,163 billion) [5][6]. Group 2: Company Background and Performance - UKPN has been a stable operator in the UK distribution network, providing significant financial contributions, with total shareholder distributions exceeding GBP 4 billion since its acquisition in 2010 [6]. - The company operates a network of approximately 192,000 kilometers, serving 8.5 million households and businesses across London and the southeast of England [6]. - The transaction is expected to be completed by June 30, 2026, subject to regulatory approvals and shareholder consent [6].