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Hong Kong billionaire Li Ka Shing buys control stock of Australian Duet Group for $5,5bn

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Hong Kong billionaire Li Ka Shing buys control stock of Australian Duet Group for $5,5bn

Li Ka Shing, a Hong Kong billionaire and a co-owner of Cheung Kong Infrastructure Holdings Ltd. (CKI), agreed to acquire a majority shareholding of Australian Duet Group for 7,4 billion Australian dollars (5,5 billion US dollars), Bloomberg reports on Monday.

The deal’s conditions, approved by Duet, provide for $3,03 per share for investors.

Thus, one of the wealthiest persons in Asia will get an access to energy network covering an area three times larger than the territory of Hong Kong. Meanwhile, Li Ka Shing’s business faces uncertainty in Europe, the news agency notes.

Duet Group is a large Australian infrastructure company, which assets include oil and gas pipelines, transmission networks.

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