EDF sells UK grid business

Ownership of one of Britain's largest electricity distribution networks has changed hands again, after French owner EDF sold it on to a Hong Kong-based consortium for £5.8bn. Billionaire Li Ka-shing and two of the companies in his empire, Cheung Kong Infrastructure (CKI) and Hongkong Electric, won an auction for the three power distribution grids and private power networks. The grids supply 20m people in London and the east of England. The deal also includes a private networks business that powers the London Underground, Heathrow airport and the Channel Tunnel. Analysts said the deal would double CKI's presence in the UK. CKI already has utiltiy businesses in Britain. Li Ka-shing also owns utility businesses in Australia, Canada and New Zealand. CKI and HKE will each hold 40% of the consortium buying the electricity grid with rest held by two foundations controlled directly by Li Ka-shing. The grouping beat a rival consortium that included Macquarie Group Canada Pension Plan and the Abu Dhabi Investment Authority and another one made up of Scottish and Southern Energy and Borealis.