01-04-2017, 12:39 PM
Li Ka-Shing Buys Canada's Reliance Home for $2.1 Billion
by Scott Deveau
March 31, 2017, 9:56 PM GMT+8 Updated on March 31, 2017, 10:32 PM GMT+8
Li Ka-Shing, Hong Kong’s richest man, is adding to his assets in Canada with the purchase of Reliance Home Comfort from Alinda Capital Partners for C$2.82 billion ($2.1 billion).
The purchase of the water heater and air conditioner firm will be made through CKP (Canada) Holdings Ltd. and is conditional on customary approvals, according to a statement Friday. The acquisition will be made with cash on hand and the assumption of Reliance’s debt, the companies said.
CKP is a unit of Cheung Kong Property Holdings Ltd., of which the Li family trust is the largest shareholder. Reliance will continue to be based in Ontario with the existing executive team managing the business, the companies said.
"I am very happy about the Reliance acquisition. With my close ties in the country, I have always been on the lookout for sizable investments back in Canada," said Victor Li, managing director of CKP.
More details in https://www.bloomberg.com/news/articles/...82-billion
by Scott Deveau
March 31, 2017, 9:56 PM GMT+8 Updated on March 31, 2017, 10:32 PM GMT+8
Li Ka-Shing, Hong Kong’s richest man, is adding to his assets in Canada with the purchase of Reliance Home Comfort from Alinda Capital Partners for C$2.82 billion ($2.1 billion).
The purchase of the water heater and air conditioner firm will be made through CKP (Canada) Holdings Ltd. and is conditional on customary approvals, according to a statement Friday. The acquisition will be made with cash on hand and the assumption of Reliance’s debt, the companies said.
CKP is a unit of Cheung Kong Property Holdings Ltd., of which the Li family trust is the largest shareholder. Reliance will continue to be based in Ontario with the existing executive team managing the business, the companies said.
"I am very happy about the Reliance acquisition. With my close ties in the country, I have always been on the lookout for sizable investments back in Canada," said Victor Li, managing director of CKP.
More details in https://www.bloomberg.com/news/articles/...82-billion