HONG KONG, July 25 (Reuters) - Cheung Kong (Holdings) Ltd , a blue chip property developer controlled by billionaire Li Ka-Shing, said on Wednesday it will team up with other firms to buy UK gas company Wales and West Utilities for 645 million pounds ($1 billion).
Cheung Kong said it will form a joint venture with Cheung Kong Infrastructure Holdings Ltd, Power Assets Holdings Ltd and Li Ka Shing Foundation Ltd to buy the company which is involved in the management of gas transportation assets and gas distribution throughout Wales and the South West of England.
Its distribution network area supplies 7.4 million customers in an area of 42,000 square kilometers, or almost one-sixth the area of the UK. The total length of main gas pipeline is about 35,000 kilometers, it said in a joint statement.
For statement please clicks here ($1 = 0.6441 British pounds) (Reporting by Donny Kwok; Editing by Edwina Gibbs)