Baker McKenzie, White & Case Handle $3.6B Chinese Outbound Energy Deal
The transaction is the largest Chinese outbound deal so far this year.
October 09, 2019 at 10:55 AM
2 minute read
Baker McKenzie and White & Case have the lead roles on a $3.59 billion offer that will see a Chinese power producer bid to acquire U.S.-based Sempra Energy's Peruvian business, in the largest Chinese outbound deal announced so far this year.
Beijing-based China Yangtze Power Co., a subsidiary of state-owned energy company China Three Gorges Corp., is acquiring from Sempra an 83.6% stake in Luz del Sur S.A.A., the largest listed power company on the Lima Stock Exchange, for $3.59 billion in cash.
The transaction is expected to be completed in the first quarter of 2020, subject to approval by the Peruvian antitrust authority and Bermuda's financial services regulator. This deal is the largest outbound M&A transaction by a Chinese company so far in 2019, according to Shanghai-listed Yangtze Power, one of the largest hydropower companies in the world.
Baker McKenzie Chicago partners Lewis Popoff, Hugo Dubovoy and José Morán are advising Yangtze Power. Tian Yuan Law Firm Beijing partners Chai Jie, Wang Lihua and Yin Xiong are advising on Chinese law and Peru-based Muñiz, Olaya, Meléndez, Castro, Ono & Herrera partner Andres Kuan-Veng is serving as Peruvian counsel.
White & Case New York partners Thomas Lauria and Marwan Azzi are leading a team advising Sempra. They are supported by partners Gregory Pryor, Michael Deyong, David Dreier, Henrik Patel, Arlene Arin Hahn, Damien Nyer and Seth Kerschner in New York; Vivian Tsoi in Shanghai; and Grace Fan-Delatour in Beijing.
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