A consortium led by Cheung Kong Infrastructure Holdings Ltd. (1038.HK) and Hongkong Electric Holdings Ltd. (0006.HK) has completed the acquisition of Electricite de France SA's (EDF.FR) U.K. electricity distribution networks for GBP5.78 billion, CKI and Hongkong Electric said in a joint statement Monday.

Cheung Kong Infrastructure and Hongkong Electric, both controlled by Hong Kong tycoon Li Ka-shing, each hold 40% of the consortium. The remaining 20% is held by Li's two charitable organizations.

The assets comprise three regional networks serving around 7.8 million customers in London, southeast England and eastern England, the statement said.

The acquisition is Li's fifth investment in the U.K. and comes as Hong Kong's richest man has been increasing his investments in the utility sector overseas--including in New Zealand, Australia and Canada--in recent years to broaden the earnings base of his companies given the difficulties of expanding in Hong Kong's mature market.

"CKI has a strong cash position of HK$5 billion post-transaction. We are well-positioned to consider more acquisitions in the future, including but not limited to, the scope of regulated businesses or U.K.-based projects," CKI Group Managing Director Kam Hing Lam said in the statement.

-By Yvonne Lee, Dow Jones Newswires; 852-2802-7002; yvonne.lee@dowjones.com
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