Norton Rose Fulbright advises on US$2.3 billion sale of power assets portfolio; largest M&A transaction in Malaysia to date

Business December 2, 2015

Global law firm Norton Rose Fulbright has acted for Edra Global Energy Berhad (Edra) on its US$2.3 billion power assets’ portfolio sale to a subsidiary of China General Nuclear Power Corporation (CGNPC). The transaction is the largest announced M&A transaction in Malaysia to date, and one of the largest in the Asian power sector in 2015.

The power assets’ portfolio consists of approximately 3,112MW in Malaysia and 2,482MW in Egypt, Bangladesh, Pakistan and the UAE. The assets are a mix of gas fired (combined cycle and open cycle) and coal fired thermal power plants.

The transaction was ceremonially signed by the Malaysian Prime Minister, Najib Razak, and the Chinese Premier, Li Keqiang, on 23 November, and is expected to close by February 2016.

Edra is the second largest independent power producer in Malaysia and the largest independent power producer in Egypt.

Vincent Dwyer, Head of Energy for Asia-Pacific, Norton Rose Fulbright commented:

“This transaction is one of the most significant deals in the energy sector in Asia this year. It’s also an example of a deal that falls under China’s Belt and Road initiative, which will see US$2.5 trillion of outbound investment from China over the next ten years.”

The Singapore team was led by partner Vincent Dwyer, supported by partner Nick Merritt, Of Counsel Laurie Pearson, senior associates William Stroll and Magdalene Teo-Yong, and associates Zoe Bromage and Serena Gingell. London based partner Dominic Stuttaford advised on the tax law elements of the deal. Foreign legal consultant Emma de Ronde and partner James Rogers in the Hong Kong office assisted with Hong Kong aspects of the deal.

For further information please contact:

Agnese Rone, Marketing and Communications Executive, Asia
Tel: +852 3405 2445
agnese.rone@nortonrosefulbright.com

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