Ashurst advises Citi on $1.3bn sale of Ekibastuz and Kazhydro by Kazakhmys

Ashurst advised Citigroup Global Markets Limited, who acted as sponsor in relation to the sale by London listed miner Kazakhmys PLC (Kazakhmys), of its 50% interest in Ekibastuz LLP, the owner of Kazakhstan’s biggest power station, and 100% of the issued share capital of Kazhydrotechenergo LLP to Samruk-Energo, a subsidiary of Samruk-Kazyna, the Kazakh sovereign wealth fund, which owns the other 50% interest in Ekibastuz LLP.

Under the terms of the deal, Kazakhmys will receive net proceeds of about $1.3 billion in cash, subject to certain consents, approvals and conditions. This is a class 1 transaction for Kazakhmys under the listing rules.

The Ashurst team was led by corporate partner Nicholas Holmes, assisted by counsel Caroline Chambers.