Pecohub CK Group, controlled by billionaire Li Ka-shing’s son Victor Li, has agreed to sell the United Kingdom’s largest power-distribution network amid a broad restructure of his business empire
CK Infrastructure Group said it expects to sell U.K. Power Networks to French utility Engie for GBP10.5 billion (US$14.2 billion), according to a stock exchange filing on Thursday, as reported by South China Morning Post.
The transaction, which is expected to be completed in mid-2026, forms part of a broader overhaul of the conglomerate’s portfolio, including asset disposals, in moves that could ultimately recast the empire established by Li Ka-shing, according to Bloomberg.
The tycoon built his fortune by targeting regulated infrastructure and telecommunications assets in developed Western markets, favoring stable and predictable returns.
Since taking the helm in 2018, his elder son Victor has faced the challenge of guiding the group through a more volatile environment shaped by heightened trade tensions and the disruptive rise of artificial intelligence.
“From a credit perspective, the deal is positive as it could improve CK Hutchison’s leverage by as much as 0.5x and gives the company firepower to pursue acquisitions,” said Bloomberg Intelligence credit analyst Sharon Chen.
The U.K. power sale comes as the company’s proposed divestment of 43 global ports has become more complicated.
Panama this week moved to occupy two of CK Hutchison’s facilities near the Panama Canal, assets that have emerged as a flashpoint in U.S.-China tensions.
Negotiations with a buyer consortium that includes U.S. investment firm BlackRock and China Cosco Shipping have stretched on for months, highlighting the political sensitivities surrounding the deal.
For Engie, the acquisition strengthens its presence in the U.K. as the country accelerates efforts to expand its grid to accommodate rising demand from renewable energy, electric vehicles and data centers.
The company will take control of a regulated asset serving about 8.5 million customers in London and southeast England.
Li Ka-shing, 97, is now the second richest man in Hong Kong with a net worth of $46.6 billion, behind battery tycoon Robin Zeng with wealth of $53.6 billion.
