DLA Piper has advised Nam Kwong Group Company Limited, a state-owned enterprise, and its wholly-owned subsidiary, Nam Kwong Development (HK) Limited, on the acquisition of a 90% interest in Sino-French Energy Development Company (“SFED”) from Sino-French Holdings (Hong Kong) Limited (“SFH”) for US$612 million.
SFED is a special purpose vehicle, 90% of which held by SFH and the remaining 10% is held by a company wholly-owned by the former casino magnate Stanley Ho. SFH is a joint venture company formed by Suez Environement and NWS Holdings Limited, which holds approximately a 42.2% interest in Companhia de Electricidade de Macau (“CEM”).
CEM is the public utility company which has the sole concession to transmit, distribute and sell high, medium and low voltage power in Macau.
Esther Leung, partner at DLA Piper said: “This has been an enjoyable transaction to work on. We were pleased with the outcome for our client on what is such a significant deal for them.”
The deal was led by Esther Leung, a Corporate partner in Hong Kong, and supported by Richard Lee (Senior Associate) and Winnie Lo (Associate) in the Corporate group in Hong Kong.
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