Wales & West Utilities is set to be sold to a group of companies controlled by Hong Kong billionaire Li Ka-shing in a deal worth £645m.
Wales & West Utilities and its associated group companies have been sold to a consortium led by Cheung Kong Infrastructure Holdings Limited (CKI).
The consortium announced today on the Hong Kong Stock Exchange that it has entered into an agreement to acquire WWU and has expressed its delight at acquiring what it considers to be a leading network in its sector.
Mr. H.L. Kam, Group Managing Director of CKI said: “We are delighted to acquire another high quality asset and a company which is a clear leader in its respective sector”.
The new owners have also said that there will be no change to the management or the focus of WWU’s activities and that it is very much ‘business as usual’.
Graham Edwards, WWU’s Chief Executive said: “Neither our customers nor our consumers will see any changes and we will continue our focus and our sector leading performance to deliver excellent customer service both in Wales and in the South West of England”.