Deals
Li Ka-Shing Wins $2.2 Billion Envestra Deal as APA Cashes In
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Billionaire Li Ka-Shing’s Cheung Kong Group won a contest to buy Envestra Ltd., after a rival bidder for the Australian gas distributor said it would sell its shares in support of the A$2.4 billion ($2.2 billion) bid.
APA Group, which owns about a third of Envestra, will support the offer of A$1.32 a share from the group that includes Cheung Kong Infrastructure Holdings Ltd., the Sydney-based company said today in a statement. APA said it will use the A$430 million in pretax profit from the sale to fund expansion over the next 12 to 18 months.