Clifford Chance has advised Hong Kong’s NWS Holdings Ltd, and Weil, Gotshal & Manges has counseled NWS’ joint venture partner Suez Environment on the $612 million sale of shares in a Macau power supplier to Chinese SOE Nam Kwong Development, which turned to DLA Piper for legal advice.
By selling 90 percent in Sino-French Energy Development Co Ltd, the joint venture, Sino-French Holdings Hong Kong Ltd sold its 38 percent indirect interest in Companhia de Electricidade de Macau – CEM, S.A., a Macau power supplier with sole concession to transmit, distribute and sell high-, medium- and low-voltage power in Macau. NWS and Suez were equal partners in the joint venture.
The Clifford Chance team was led by Hong Kong-based partner Cherry Chan, and the Weil team was led by Asia Managing Partner Akiko Mikumo and Hong Kong corporate partner Henry Ong.
White & Case provided advice to BNP, the escrow agent for the sale.
Macau gambling tycoon Stanley holds the remaining 10 percent of Sino-French Energy, which in turn owns 42.2 percent of the Macau electricity supplier.
NWS, the transportation unit of New World Development Co Ltd, said the sale is expected to gain HK$1.5 billion for the company. The infrastructure and service conglomerate NWS said the sale will help focus its venture’s business on water and related businesses.
Paris-based Suez Environment is the second-largest water company by market value in Europe.
Nam Kwong Development is a Macau-headquartered trading and service company under China's State-owned Assets Supervision and Administration Commission.