Li Ka-shing

Hong Kong tycoon Li to buy Australian energy firm Duet

A group led by Hong Kong billionaire tycoon Li Ka-shing's infrastructure business said Monday it is buying Australian energy company Duet in a multibillion dollar deal.

Cheung Kong Infrastructure Holdings Ltd. and Li's property and power utility companies are proposing to buy Duet Group for 3 Australian dollars a share, in an acquisition worth AU$7.4 billion ($5.5 billion). Duet

The investment still needs approval from Australian regulators and Duet shareholders, who will also get a special dividend of 3 Australian cents, according to a separate news release from Duet. That makes the terms of the deal slightly more attractive than the initial offer announced in December....