CK Group sells its entire stake in UK Power Networks to Engie for £10.5 billion, marking a significant exit from the British energy market.
A consortium of CK Infrastructure Holdings, CK Asset Holdings, and Power Assets Holdings has agreed to sell its entire interest in UK Power Networks to French utility Engie for £10.5 billion (US$14.2 billion), reports Hong Kong's South China Morning Post.
The disposal will allow the CK Group to monetize its investment at an attractive valuation, generating a significant accounting gain and cash proceeds for future acquisitions, the companies said in a joint filing to Hong Kong's stock exchange.
UK Power Networks is 40 percent owned by CK Infrastructure, 40 percent by Power Assets, and 20 percent by CK Asset. It is one of Britain's largest power distributors, serving 8.3 million consumers in London, southeastern, and eastern England, with power lines spanning about 190,000 km.
The CK Group acquired the UK electricity operator in 2010 for £5.77 billion, making the latest sale a major exit from the British energy sector.
