Baker McKenzie LLP’s Chicago and Miami offices and Muñiz, Olaya, Meléndez, Castro, Ono & Herrera in Lima have helped China Yangtze Power (CYP) buy US Sempra Energy’s Peruvian business for US$3.6 billion, in the largest overseas M&A transaction by a Chinese company in 2019.
White & Case LLP in New York, Shanghai and Beijing and Rodrigo, Elías & Medrano Abogados in Lima advised Sempra Energy.
Sullivan & Cromwell LLP in New York advised BofA Merrill Lynch as financial advisor to Sempra.
The deal was announced on 30 September and is expected to close during the first quarter of 2020.
Once complete, CYP will obtain an 83.6% stake in Peru’s largest electricity company – Luz del Sur – which operates in the southern part of the Lima region. The transaction includes an interest in Luz del Sur’s power generation business Inland Energy and energy infrastructure company Tecsur, which provides services to Luz del Sur.
Sempra Energy has agreed on the sale to focus on its operations in North America, particularly in California and Texas. It holds electricity assets in Chile too, which it expects to divest later this year.
Counsel to China Yangtze Power International
Baker McKenzie LLP
Partner Lewis Popoff in Chicago and counsel Federico Cuadra Del Carmen in Miami
Partners Andrés Kuan-Veng, Jorge Muñiz, Rolando Salvatierra, Mercedes Fernandez, Jorge Otoya, Guillermo Flores, Frezzia Saavedra and Renato de Vettori, and associates Alesandra Azcarate, Raul Alosilla, Milagros Mejía, José Ângulo, Francisco Quevedo, Denisse Valderrama, Hilda Ferández, Emmanuel Polando and Germán Gomez in Lima
Counsel to Sempra Energy
White & Case LLP
Partners Thomas Lauria, Marwan Azzi, Greg Pryor, Michael Deyong, David Dreier, Henrik Patel, Arlene Arin Hahn, Damien Nyer and Seth Kerschner, and associates Adam Cieply, Jason Krause, Caelah Nelson, Dilara Erik, Arian Mossanenzadeh and Grayson Weeks in New York; partner Vivian Tsoi in Shanghai; and partner Grace Fan-Delatour, local partner Shaohui Jiang and associate Xiaofeng Gong in Beijing
Partners Jean Paul Chabaneix, Alejandro Manayalle and Jose Talledo, and associates Cecilia Canepa, Alexandra Arizmendi, Fiorella Monge, Francisco Jose Florindez, Daniel de la Vega, Marcial Gutierrez and Juan Antonio Pinilla in Lima
Counsel to BofA Merrill Lynch
Sullivan & Cromwell LLP
Partner Stephen Kotran and associate Adrienne Bradley in New York
The article was updated in 14 October to add Sullivan & Cromwell as counsel