Another Acquisition Outside the Property Sector
Cheung Kong Properties, or CKP, announced last week that it will acquire the entire equity stake of Reliance Home Comfort, a building equipment service provider in Canada, for HKD 16.4 billion. This is the company’s third acquisition outside the real estate sector since late 2016. Pending more clarity on the transaction, we maintain our fair value estimate of HKD 65 and our narrow economic moat rating.Reliance, a private company owned by Alinda Capital Partners, provides heating and cooling sy...
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