A new name has emerged in the contest to buy Vector Metering Data Services Limited - CK Infrastructure Holdings Limited (SEHK:1038). It is understood that CKI has been working with advisory firm Rothschild & Co. Sources say CKI, a company that sits within the empire of wealthy Hong Kong businessman Li Ka Shing, has been in the contest the whole time, but has been keeping a low profile.

CKI has been a frequent buyer of infrastructure in Australia over the years, once bidding for APA and buying the electricity utilities company Duet Group. Among its assets are significant holdings in entities such as Australian Gas Networks, Citipower, Dampier Bunbury Pipeline, SA Power Networks, United Energy, Multinet Gas and Powercor. CKI also owns Wellington Electricity in New Zealand, and it may not be foreign investment offices that are nervous about a deal between CKI and Vector Meters, but the competition watchdogs here and across the Tasman.

The main view around the market so far has been that Queensland Investment Corporation and Keppel Corporation Limited (SGX:BN4) are the two parties to beat in the contest to buy Vector Meters. Canadian pension fund Ontario Teachers' Pension Plan is working with Goldman Sachs, but is not thought to be a buyer at the current price. But sources say it is a willing partner to another suitor if a deal makes sense.

Earlier, sources suggested that QIC Limited had joined forces with Ontario, but others say the situation remains fluid, with Keppel also contemplating a partnership on the deal, as well as QIC, and that discussions were happening between different parties about options. There have been suggestions that suitors had initially offered more than NZD 3 billion ($2.7 billion) for the business, but some are less convinced that a buyer will come forward with such a competitive price when binding bids are due next month. Barrenjoey and Citi are working on the sale process, while Keppel is working with Jarden and QIC is working with Craigs.