White & Case advises Sempra Energy on Peru divestment
White & Case has advised Sempra Energy on the sale of its Peruvian businesses to China Yangtze Power International (Hong Kong), and which includes Sempra’s 83.6 per cent stake in Luz del Sur.
The divestment also includes Tecsur, which provides electric construction and infrastructure services to Luz del Sur and third parties, and Inland Energy, Luz del Sur’s generation business.
The transaction generates approximately $3.59 billion in total cash proceeds, subject to post-closing adjustments.
Luz del Sur serves the southern region of Lima, Peru, and is the largest electric company in the country.
China Yangtze Power is China’s largest publicly-listed power company, and engages in electric power production, technological consultation of electric power generation and selected distribution services.
With more than $60 billion in total assets reported in 2019, San Diego–based Sempra Energy is the utility holding company with the largest US customer base, with more than 18,000 employees delivering energy to over 35 million consumers worldwide. The company is focused on the most attractive markets in North America, including California, Texas, Mexico and the LNG export market.
The White & Case team that advised on the transaction was led by partners Thomas Lauria (pictured) and Marwan Azzi, and included partners Greg Pryor, Michael Deyong, Adam Cieply, David Dreier, Henrik Patel, Arlene Arin Hahn and Seth Kerschner, as well as associates Jason Krause, Arian Mossanenzadeh and Grayson Weeks in New York; partner Vivian Tsoi in Shanghai; and partner Grace Fan-Delatour, local partner Shaohui Jiang and associate Xiaofeng (Allison) Gong in Beijing.
