EDF sells power distribution networks to Cheung Kong

Energy supplier EDF’s board of directors has approved the sale of its UK electricity distribution networks to electronics group Cheung Kong, following its £3.2bn equity offer in July.

According to EDF, this would represent €6.8bn (£5.6bn) in net debt reduction for the group.

The transaction remains subject to the approval of Cheung Kong’s shareholders and approval by decree of the French minister of the economy, following consultation with the French Commission des Participations et des Transferts and authorisation from the directorate-general for competition of the European Commission.