Li family trust to buy Ont.-based Reliance Home Comfort for $2.82B

Hong Kong tycoon Li Ka-shing, chairman of CK Hutchison Holdings company, speaks during a press conference to announce the companies' annual results in Hong Kong, Wednesday, March 22, 2017. (AP / Kin Cheung)

TORONTO -- One of Hong Kong's richest families is planning to buy Reliance Home Comfort, an Ontario-based company that services home furnaces and air conditioning systems.

Alinda Capital Partners is selling Reliance for C$2.82 billion to a subsidiary of Cheung Kong Property Holdings (CKP), which is controlled by the Li family trust.

The family of Li Ka-shing -- based in Hong Kong -- has had extensive involvement in Canada over the years and remains a major indirect shareholder of Calgary-based Husky Energy (TSX:HSE).

The deal was announced Friday by CKP managing director Victor Li and posted on Alinda's website.

Alinda describes itself as an independent private equity firm that manages $9 billion of assets in the United States, Canada and Europe.

The transaction is subject to approvals under the Investment Canada Act and the Canadian Competition Act, but is expected to close in the first half of this year.

CKP says it expects Reliance will continue to be based in Toronto and managed by the existing management team.