A&O leads for new client on $1.5bn power plant sale in CIS
Allen & Overy (A&O) has taken a lead role on the $1.5bn (£770m) acquisition of Kazakhstan's largest power producer, bagging a new client in the process.The deal saw A&O advising new client, copper producer Kazakhmys, on its acquisition of Ekibastuz power plant and Maikuben West coal mine in Kazakhstan for up to $1.5bn. The magic circle law firm, which won the client after taking part in a competitive pitching process last year, fielded a team under corporate partner Keith McGuire and projects partner Nigel Pritchard. A&O acted alongside Salans' Almaty office, which advised on local law.
February 13, 2008 at 10:56 PM
2 minute read
Allen & Overy (A&O) has taken a lead role on the $1.5bn (£770m) acquisition of Kazakhstan's largest power producer, bagging a new client in the process.
The deal saw A&O advising new client, copper producer Kazakhmys, on its acquisition of Ekibastuz power plant and Maikuben West coal mine in Kazakhstan for up to $1.5bn. The magic circle law firm, which won the client after taking part in a competitive pitching process last year, fielded a team under corporate partner Keith McGuire and projects partner Nigel Pritchard. A&O acted alongside Salans' Almaty office, which advised on local law.
Meanwhile, Freshfields Bruckhaus Deringer took the lead role for the seller, power group AES Corporation. Corporate partner Stephen Revell and projects partner Mark Coker led the firm's team. Freshfields had been advising the company, a longstanding client, on a number of different options for the power plant before going ahead with the sale.
The transaction saw Kazakhmys acquire coal-fired Ekibastuz, Kazakhstan's largest source of power, along with Maikuben for an initial consideration of $1.1bn (£565m). There will also be a deferred payment of up to $381m (£196m). AES will continue to manage the sites for Kazakhmys until the end of 2010.
Coker commented: "There has been a lot of interest in the region, with many of the local companies becoming larger and more active both in their own market and outside. A lot of London firms are paying the area interest."
The deal underlines an active period for A&O in the region. The firm has recently advised the Caspian Pipeline Consortium in connection with the establishment
of a $2bn (£1bn), 1,800km pipeline to transport oil from the Tengiz Field in Kazakhstan across Russia to the Black Sea.
Kazakhmys has used a number of City firms in the past. Late last year Linklaters advised on its $801m (£412m) acquisition of an 18.8% stake in Eurasian Natural Resources Corporation. Meanwhile, its 2005 listing on the London Stock Exchange saw Norton Rose score its first deal for the company.
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