Acquisition of Aircraft-Leasing Business Muddles Strategy
Cheung Kong Properties, or CKP, has announced that it will acquire CK Hutchison Holdings’s CK Capital, which holds the aircraft-leasing business. The transaction involves CKP paying HKD 6.3 billion in cash to acquire shares of CK Capital and assuming HKD 1.3 billion in debt. The transaction cost is at book value. We believe the transaction should lift CKP’s earnings and valuation slightly. However, the entry into a nonproperty business increases the risk profile and may confuse investors as to C...
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