Baker McKenzie advised China Yangtze Power Company (CYPC) on its $3.59 billion purchase of Sempra Energy's Peruvian businesses, including its 83.6% stake in Luz del Sur S.A.A. (Luz del Sur).
In terms of contract value, this deal is the largest overseas M&A transaction by a Chinese company in 2019, to date. The sale is expected to be completed in the first quarter of 2020.
Luz del Sur is a utility company serving the southern region of Lima, Peru, and is the largest listed power company in the country. This acquisition represents CYPC’s first ever purchase of power distribution assets from a mature market overseas and is an important step for the company’s high quality and sustainable development.
CYPC is the largest hydropower company in the world and its headquarters is in Beijing.
Partners Lewis Popoff, Hugo Dubovoy and Jose Moran in Chicago, and Counsel Federico Cuadra Del Carmen in Miami led the Baker McKenzie team advising CYPC. In addition, Partner Chai Jie and Associate Grace Ma of the Tiayn Yuan Law Firm served as China Counsel to CYPC, and Partner Andres Kuan-Veng of Muñiz was Peru counsel. Citi served as financial advisor to CYPC on the deal.
For more information about the transaction, please see CYPC’s press release.