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Hong Kong tycoon Li Ka-Shing plans to buy Swedish electricity grid in €5bln deal

Bloomberg said that Fortum’s sale of its Swedish electricity grid is drawing interest from bidders including billionaire Li Ka-Shing’s Cheung Kong Infrastructure Holdings Ltd and Canadian pension investor Borealis Infrastructure Management.

The deal may be valued at 4 billion euros ($5.54 billion) to 5 billion euros, according to people familiar with the process.

Cheung Kong Infrastructure, a Hong Kong-based company controlled by Asia’s richest man, already owns power and water networks in the U.K. and Australia. 

Groups led by Macquarie Group Ltd. (MQG) and 3i Group Plc (III) are also expected to bid for the network, Bloomberg said.

Sir Ka-shing Li, born 1928 in Chaozhou, China, is a Hong Kong business magnate, investor, and philanthropist. According to the Bloomberg Billionaires Index, as of October 7, 2013 he is the richest person in Asia, with a net worth of $28.8 billion.

However, he was not born in wealth. Due to his father's death, he was forced to leave school before the age of 15 and found a job in a plastics trading company where he laboured 16 hours a day. By 1950 he was able to start his own company, Cheung Kong Industries, manufacturing plastics.

Last Updated (Thursday, 13 March 2014 01:11)

 

Comments 

 
#1 2014-04-27 19:14
He was not born in wealth, but he became rich due to his father-in-law!
Quote
 

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