Cheung Kong Close To Deal With Manchester Airport Group- Report | Fox Business
Hong Kong's Cheung Kong Infrastructure Holdings Ltd. (1038.HK), controlled by Asia's richest man, Li Ka-shing, is closing in on a deal to have a stake in a joint venture with Manchester Airports Group, the Sunday Times reported without citing sources.
If successful, this would be CKI's first foray into the airports sector. Its other transport investments include toll roads and bridges.
MAG owns U.K. airports in Manchester, East Midlands, Bournemouth and Humberside, and wants to raise up to GBP1 billion to fund a bid for Stansted airport, the report said.
It said MAG wants to set up a new joint venture with a new investor, though this is conditional on MAG making a successful bid for Stansted.
The Sunday Times said the joint-venture partner would get a 35% stake in the venture, comprising the assets of MAG and Stansted.
To sweeten the deal, the investor would also get 50% of the voting rights, the report said.
Australian infrastructure fund Industry Funds Management is also interested in the planned joint venture, the report said.
Spokespersons for MAG and CKI couldn't be immediately reached for comment.
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Cheung Kong Close To Deal With Manchester Airport Group- Report | Fox Business