Hong Kong billionaire Li Ka-shing combines power, infrastructure businesses

Associated Press

Hong Kong billionaire Li Ka-shing is combining his infrastructure and power utility companies in the latest reshuffle of his business empire to pursue more global investment opportunities.

Cheung Kong Infrastructure said it's offering to swap new stock for all shares of Power Assets Holdings it doesn't already own. The deal is worth $11.6 billion based on Tuesday's closing share price.

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The combined company's investments include rail and gas businesses in Britain, parking lots in Canada and waste disposal in New Zealand.

The 87-year-old Li has long been Asia's richest person, although he recently fell to second place with a fortune of $25 billion, according to Forbes.

The deal follows a major reorganization earlier this year of Li's flagship company and its subsidiary.