According to Spanish media reports, the Cheung Kong Fund is set to spend 1.75 billion euros to acquire Redexis, the third-largest natural gas distributor in Spain. The current valuation of Redexis is between 1.6 billion and 1.8 billion euros. Reports also indicate that the consortium previously formed by Allianz, Borealis, and China Investment Corporation (CIC) to bid for Redexis disbanded several weeks ago.
It is reported that the market previously heard rumors that Goldman Sachs had reached an agreement to sell its Spanish energy business, Redexis, to a consortium consisting of First State and CPPIB for a total price of 2 billion euros. However, Redexis subsequently denied this news.
Redexis supplies natural gas to retail and wholesale customers through 9,400 kilometers of pipelines across 26 provinces and 630,000 supply points, making it the third-largest natural gas distributor in Spain, following Gas Natural and Naturgas. In 2010, Goldman Sachs acquired Redexis from Endesa for 1 billion euros.
Now, Hong Kong's richest man, Li Ka-shing, has stepped in to take over with a bid of 1.75 billion euros. In terms of price, this is relatively lower than the joint bid from Allianz and CIC. Whether he will ultimately succeed remains unknown; however, based on past records, the probability of Li Ka-shing successfully acquiring companies he targets is quite high.
Li Ka-shing's acquisition of Redexis continues his established style of overseas investment. Since 2013, Li has frequently divested from mainland China businesses and aggressively entered European property and infrastructure projects. In recent years, he has turned his attention to Spain. This series of overseas investments perhaps reflects the old saying, "It is the circumstances that make it so."
In fact, in recent years, Chinese capital has begun to enter Spain on a large scale. For example, Huawei now has over 900 employees in Spain; Evergrande has established a football school in Madrid; Nanjing Jinpu, Hong Kong Chengsheng, and Chongqing Kangde have acquired star-rated hotels in Spain; Wanda purchased the iconic "Edificio España" in downtown Madrid for 265 million euros; and Fosun and WH Group have also made moves in Spain. Analysts suggest that the reason Spain is favored by Chinese capital is primarily due to its political and economic stability, and the fact that its property and asset values are currently at a low point compared to other European countries.
Today, global capital is competing for Spanish assets. Have you received the investment signal amidst the current situation? Currently, by investing in Spain through WorldWay Group, you only need to purchase a property project worth over 500,000 euros to quickly immigrate with three generations of your family, obtain EU residency, and enjoy both investment returns and generous EU welfare benefits—a multi-purpose solution.
WorldWay Group is now launching a major "11th Anniversary Celebration Month for US Investment Immigration" event. During the event, sign up for Spanish investment immigration to enjoy significant discounts. In addition, there are many seminars on overseas life, education, and tax planning waiting for you! For more details, please consult the WorldWay Group hotline: 400-138-2929.
