Reliance to be acquired by Cheung Kong Property Holdings

March 31, 2017

Torys is representing Alinda Capital Partners with a team that includes Krista Hill, Sharon Geraghty, Konata Lake, Addie Buhr, Aleksandra Ramsvik and Min Kim (M&A), Corrado Cardarelli and Andrew Wong (tax), Amanda Balasubramanian and Adrienne Love (debt financing), Dany Assaf, Rebecca Moskowitz and Marina Chernenko (competition and foreign investment review), Susan Nickerson, Jennifer Lennon and Brad Tartick (employees, pensions and benefits), Don Roger and Christine Innes (real estate).

On March 31, 2017, CKP (Canada) Holdings Limited, a subsidiary of Cheung Kong Property Holdings Limited ("CKP"), entered into a definitive agreement with investment funds managed by Alinda Capital Partners to acquire Reliance Home Comfort ("Reliance") for an equity purchase price of C$2.82 billion. CKP intends to on-sell up to 25% of Reliance to CK Infrastructure ("CKI"), a company of which the largest shareholder is the Li family trust, upon obtaining the necessary approvals.

Completion of the acquisition is conditional upon customary approvals under the Investment Canada Act and the Competition Act.

Reliance provides retail sale, rental, service and maintenance of heating, ventilation and air conditioning equipment to its 1.7 million residential and commercial customers.

Alinda Capital Partners is one of the world’s largest and most experienced infrastructure investment firms.

CKP is one of the largest property developers in Hong Kong. It has a leading market share in Hong Kong, a strong penetration in the Mainland China, and an international presence through its operations in Singapore, the United Kingdom and The Bahamas.

Further information can be found on Canada Newswire’s website.