Reliance Home Comfort sole for $2.8B to Hong Kong firm

One of Hong Kong’s richest families is formulation to buy Reliance Home Comfort, an Ontario-based association that services home furnaces and atmosphere conditioning systems.

Alinda Capital Partners is offered Reliance for $2.82 billion Cdn to a auxiliary of Cheung Kong Property Holdings (CKP), that is tranquil by a Li family trust.

The family of Li Ka-shing — formed in Hong Kong — has had endless impasse in Canada over a years and stays a vital surreptitious shareholder of Calgary-based Husky Energy.

The understanding was announced Friday by CKP handling executive Victor Li and posted on Alinda’s website.

Alinda describes itself as an eccentric private equity organisation that manages $9 billion of resources in a United States, Canada and Europe.

The transaction is theme to approvals underneath a Investment Canada Act and a Canadian Competition Act, though is approaching to tighten in a initial half of this year.

CKP says it expects Reliance will continue to be formed in Toronto and managed by a existent government team.

Article source: http://www.cbc.ca/news/business/cheung-kong-reliance-home-heating-1.4049700?cmp=rss