Jones Day bags $500m energy deal
Jones Day's London arm has landed a role opposite Clifford Chance (CC) to advise on the $493m (£333m) acquisition of power plant operator Globeleq. The US firm advised special purpose vehicle Pendekar Energy, owned by Malaysian power supplier Tanjong and Saudi Arabia's Alijomaih Automotive Company.
May 01, 2009 at 12:09 AM
2 minute read
Jones Day's London arm has landed a role opposite Clifford Chance (CC) to advise on the $493m (£333m) acquisition of power plant operator Globeleq.
The US firm advised special purpose vehicle Pendekar Energy, owned by Malaysian power supplier Tanjong and Saudi Arabia's Alijomaih Automotive Company.
London project finance partner Arman Galledari led on the transaction, in which Pendekar acquired the North African and Asian businesses of Globaleq. Pendekar gains seven plants across Egypt, Bangladesh and Sri Lanka.
Jones Day advised Tanjong in 2006 on its acquisition of Port Said and Suez Gulf Power Projects in Egypt from EDF for $237.6m (£120m).
Galledari said: "Both Tanjong and Alijomaih are good clients of ours. It was a very competitive process, with
bidders from many geographical areas."
CC advised the seller, CDC Group, a UK Government-owned fund of funds specialising in emerging markets,
with London project finance partner Geraint Hughes leading the team.
CDC, established in 1948, is a longstanding client of CC, with the magic circle firm previously advising the fund on its 2004 restructuring.
Jones Day's City office recently closed the controversial restructuring of car part manufacturer Dana's UK pension liabilities. The restructuring which was agreed in April was understood to be worth a nine-figure sum.
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