Linklaters and CMS Cameron McKenna have taken lead roles on the £645m acquisition of Wales and West Utilities (WWU) by a Hong Kong consortium headed up by billionaire Li Ka-shing.

The consortium, which is led by Ka-shing's investment vehicle Cheung Kong Infrastructure Holdings (CKI), also includes Power Assets Holdings and the Li-Ka Shing Foundation.

CMS Cameron McKenna advised CKI on all aspects on the negotiation, with a cross-practice team including corporate partner Charles Currier, regulated industries head Robert Lane, tax partner Aaron Fairhurst, competition partner Susan Hankey and finance partner Nancy Eller.

The seller, a consortium of investors led by Australia's Macquarie, was advised by Linklaters with a team led by corporate partner Jessamy Gallagher. The deal, which is subject to approval from the European Commission, is expected to close in September.

The deal marks the latest UK utilities takeover for CKI, which acquired Northumbrian Water for £4.7bn last year, as well as EDF's UK electricity networks for £5.8bn in 2010, with DLA Piper, Freshfields Bruckhaus Deringer and Mills & Reeve all winning associated roles.

WWU was founded in 2005 after National Grid Transco sold off four of its local gas distribution zones in a £5.8bn deal which also handed roles to Camerons and Linklaters. The Newport-based gas distribution company for Wales and the west of England is valued at £1.2bn and has 35,000km of pipelines and 18 gas storage sites.

Lane commented: "Our experience of having acted on the sale of WWU back in 2005 meant we were able to deploy a knowledgeable team that ensured the challenging timetable for the acquisition was met."