Billionaire Cheng Family Explores Buying Varo Energy

Hong Kong’s billionaire Cheng family, which controls a real estate and jewelry empire, is exploring a bid for European fuel supplier Varo Energy BV, people with knowledge of the matter said.

The companies have held talks about a deal that could value Varo Energy, backed by investors including Carlyle Group LP, at about 2 billion euros ($2.3 billion) including debt, according to the people. No final agreements have been reached, and there’s no certainty the negotiations will lead to a transaction, the people said, asking not to be identified because the information is private.