A consortium formed by Hong Kong tycoon Li Ka-shing consisting CK Infrastructure Holdings Limited (SEHK:1038), CK Asset Holdings Limited (SEHK:1113) and Power Assets Holdings Limited (SEHK:6) agreed to acquire Lionrai Investments No.1 Limited from Utilities Trust of Australia, NatWest pension fund managed by Morrison & Co Utilities Management (Australia) Pty Ltd. and others for £760 million on April 24, 2024. Under the terms of agreement, the consortium is acquiring Lionrai Investments No. 1, which owns 100 per cent of Phoenix Energy. CK Infrastructure and CK Asset each hold 40 per cent equity interest in the consortium, while Power Assets holds the rest.

The transaction is expected to be completed by the end of this month. The acquisition can provide stable cash flow, immediate yield and recurring profits to the group.