25 April 2024
Hong Kong tycoon buys UK’s MGN Gas Networks for $1 billion
Publication date: 25 July 2012
Gas Strategies Group
10 Saint Bride Street
London UK
EC4A 4AD
ISSN: 0964-8496
Twitter @GasStrategies
Editorials
Subscriptions
A consortium of companies owned by Hong Kong billionaire Li Ka-Shing has agreed to buy the UK’s MGN Gas Networks for £645 million ($1 billion). MGN made losses in excess of £60 million in both of the previous tax years, with the move intended to shore up Li Ka-Shing’s UK investment portfolio, which already includes an 88.4% stake in Northern Gas Networks.