Hong Kong billionaire Victor Li's CK Group executed a blockbuster $14 billion sale of the UK's largest power-distribution network without using any investment banks as financial advisers. This unconventional approach to the sale of UK Power Networks to French utility giant Engie marks a significant departure from standard M&A practice.

The deal represents one of the largest power sector transactions in UK history and raises questions about the traditional role of investment banks in major corporate sales. By handling the transaction without Wall Street intermediaries, CK Group potentially saved hundreds of millions in advisory fees while maintaining greater control over the process and negotiations.

This move could signal a broader shift in how major transactions are structured, particularly for well-resourced sellers with extensive deal experience. The success of this bank-free approach may encourage other large corporations to reconsider their reliance on traditional financial advisers for future mega-deals.