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Business deals

Hong Kong billionaire Peter Woo to take Wheelock private

Move aims to unlock shareholder value in real estate conglomerate

Wheelock & Co. is one of the biggest property developers in Hong Kong.   © Reuters

HONG KONG -- Property tycoon Peter Woo and his family plan to take flagship conglomerate Wheelock & Co. private, acquiring all remaining shares of the Hong Kong enterprise.

Each Wheelock share will be exchanged for one share each in subsidiaries Wharf Holdings and Wharf REIC, together with a cash payment of 12 Hong Kong dollars ($1.54), according to Thursday's announcement. This transaction represents a 52% premium based on the Feb. 21 closing prices.

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