BUSINESS

Li Ka-shing Empire to Sell U.K. Power Networks Stake for $14.2 Billion

Published: Feb. 27, 2026 12:15 a.m. GMT+8

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Li Ka-shing’s Cheung Kong Group is selling its stake in U.K. Power Networks to Engie for $14.2 billion

Hong Kong tycoon Li Ka-shing’s business empire has agreed to sell its entire stake in U.K. Power Networks Ltd. to French utility Engie S.A. for 10.55 billion pounds ($14.2 billion), in one of the largest recent infrastructure transactions in Britain.

The sale marks a substantial windfall for the conglomerate, which has held the British grid operator since 2010. A market source told Caixin that the Li family’s flagship, Cheung Kong Group, will walk away with a cash return exceeding sixfold its original investment over the 16-year holding period.

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Li Ka-shing’s Cheung Kong Group sold its entire U.K. Power Networks stake to Engie S.A. for £10.55 billion ($14.2 billion), generating over sixfold return on its 2010 investment of £2.55 billion.
The deal values U.K. Power Networks at £16.84 billion, with the group benefitting from £4.4 billion in prior shareholder distributions.
CK Group will use profits, including nearly HK$33.6 billion in reported gains, for future investments, while continuing to target regulated infrastructure.

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Who’s Who

U.K. Power Networks Ltd.: U.K. Power Networks Ltd. owns and operates electricity distribution networks across London, the southeast, and east of England. It spans approximately 192,000 kilometers and serves 8.5 million homes and businesses. The company also manages private networks for various clients. Li Ka-shing's business empire is selling its entire stake in U.K. Power Networks Ltd. to French utility Engie S.A. for 10.55 billion pounds ($14.2 billion).

Engie S.A.: Engie S.A. is a French utility company that has agreed to purchase the entire stake in U.K. Power Networks Ltd. from Hong Kong tycoon Li Ka-shing's business empire. The acquisition is valued at 10.55 billion pounds ($14.2 billion), making it one of the largest recent infrastructure transactions in Britain.

Cheung Kong Group: Cheung Kong Group, founded by Li Ka-shing, is a Hong Kong conglomerate. It's known for its strategy of capital recycling from mature infrastructure assets. The group, via its subsidiaries, recently sold its stake in U.K. Power Networks Ltd., earning a substantial profit. The chairman, Victor Li, aims to reinvest in regulated industries with stable contracts across existing and new markets, including the UK.

CK Hutchison Holdings Ltd.: CK Hutchison Holdings Ltd. is a subsidiary of Cheung Kong Group. It owns 75.67% of CK Infrastructure, which is leading the sale of U.K. Power Networks Ltd. The company announced plans to sell 43 overseas ports in March 2025. This transaction led to the revocation of two of its port concessions in Panama due to U.S.-China strategic rivalry.

CK Asset Holdings Ltd.: CK Asset Holdings Ltd. (长江实业集团) is one of the three listed companies within the Li Ka-shing conglomerate that held a stake in U.K. Power Networks Ltd., specifically owning 20%. Following the sale of U.K. Power Networks, CK Asset expects to record a gain of nearly HK$8.4 billion ($1.1 billion).

CK Infrastructure Holdings Ltd.: CK Infrastructure Holdings Ltd. (CKI) is a key part of Li Ka-shing's business empire. It holds a 40% stake in U.K. Power Networks Ltd. and is leading the sale of this asset to Engie S.A. CKI expects a retained gain of about HK$14.5 billion from this transaction, which will contribute to future investments or working capital.

Power Assets Holdings Ltd.: Power Assets Holdings Ltd. is one of three listed companies within the Cheung Kong Group that holds a stake in U.K. Power Networks Ltd. It controls 40% of the U.K. Power Networks stake. The company is expected to record a gain of approximately HK$10.7 billion from the sale of the stake.

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What Happened When

2010：: Cheung Kong Group acquired its stake in U.K. Power Networks Ltd. for 2.55 billion pounds.

By 2026：: Cheung Kong Group has held its stake in U.K. Power Networks Ltd. for 16 years, collecting 4.4 billion pounds in shareholder distributions.

March 2025：: CK Hutchison Holdings Ltd. announced plans to sell 43 overseas ports.

After March 2025：: Two Cheung Kong subsidiary port concessions in Panama were revoked and taken over by the Panamanian government following a court ruling.

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