KKR To Invest $1 Billion In British Water Company Owned By Li Ka-Shing’s CK Group
Summary
The transaction, which is subject to regulatory approval, is expected to close later this year.KKR and CK Group have teamed up in the past. The Financial Times said talks broke down over the \xa315 billion acquisition UK Power Networks, Britains largest electricity distributor. The consortium led by KKR and Macquarie walked away from the deal after CK Infrastructure sought to raise the price amid sharply rising inflation and currency movements.Founded roughly 45 years ago, KKR will forever be known as barbarians, after the bestselling book that chronicled their $25 billion takeover of RJR Nabisco in 1988. The private equity firm had popularized the practice of leveraged buyouts in the 1970s and 1980s and became the face of Wall Streets conquest of corporate America, but in recent years the firm has adopted a buy and build approach toward its investments.Li, who turned 94 last month, earned the nickname Superman as he built a global business empire that now has interests in everything from ports, utilities and telecom to real estate and retail in more than 50 countries. A longtime fixture at the top of Hong Kongs wealth rankings, his current net worth is estimated at $35.2 billion.Li continues to serve as senior advisor to his two flagship companies, CK Hutchison and CK Asset, after his eldest son, Victor Li, replaced him as chairman in May 2018.