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Chinese company buys $2.3bn in power assets

Chinese company buys $2.3bn in power assets


China General Nuclear Power Group (CGN) has acquired the energy assets of Edra Global Energy Berhad.

Firms: Herbert Smith Freehills and Skrine (CGN); Norton Rose Fulbright, Rahmat & Lim and Deol & Gill (Edra)

Deal: CGN has made a US$2.3 billion acquisition of energy assets.

Area: M&A

Value: US$2.3 billion

Key players: The HSF team included Brisbane senior associates Tim Johnson and Esther Smyth and solicitor Lee Marshall. Solicitor Aaron Chiong from the Perth office also assisted.

Singapore-based energy partner David Clinch (pictured) led the HSF team, drawing on support in Southeast Asia, Australia, China and the UK.

Mr Clinch was assisted by energy senior associates Marc Dornbierer and Jon Ornolfsson and trainee Niall Crean, and on corporate matters by partner Brian Scott, senior associates Sally Austen and Amy Hale, and trainees Rhianna Dowdeswell and Ian Cheong.

Singapore-based finance partners Adrian Cheng and Philip Lee advised on financing matters, assisted by senior associate Preeti Kamat and associate Rakhee Patel.

Disputes input was provided by partner Alastair Henderson and senior associates Gitta Satryani and Daniel Waldek in Singapore. Asia head of competition Mark Jephcott and senior associate Adelaide Luke advised on antitrust aspects of the deal from Hong Kong, with head of competition, regulation and trade James Quinney and senior associate Chris Sherwin in London.

Tax issues were handled by London head of tax Isaac Zailer, senior associate Perminder Gainda and associate Jai Popat. China-related matters were handled by corporate partner Matt Emsley and Victor Ding, along with trainee Jocelyn Heng in Hong Kong, with energy partner Monica Sun, senior associate Hao Su and associate Blair Feng providing support in Beijing.

Deal significance: The firms advised CGN of China on its proposed US$2.3 billion acquisition of the energy assets of Edra Global Energy Berhad.

The assets include interests in 13 power plants in Malaysia, Bangladesh, Egypt, Pakistan and the United Arab Emirates.

The signing of the transaction was formally announced on 23 November after a bid process during recent months.

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