Today’s big deal
YTL Corp, the Malaysian conglomerate, is looking to acquire infrastructure assets in the UK following the Brexit vote late last week.
YTL Corp’s managing director Francis Yeoh says that the group would be on the lookout for acquisitions in the next three years due to the bargains available following the Brexit vote. “Assets are already more realistically priced, this time by default rather than design,” Yeoh says. “We have always loved assets like utilities that are long term. Investors like myself buy long-term businesses.”
The Malaysian conglomerate has MYR 13.5bn (US$3.3bn) in cash for the proposed acquisitions.
While Brexit may prompt overseas companies to avoid investing in the UK, Yeoh sees it as an unprecedented opportunity to snap up assets at cheaper prices.
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