MAINLAND POWER PRODUCER EXPANDS TO OVERSEAS

June 02, 2008 | BY

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Huaneng Power International has completed an approximately HK$26 billion (US$3.3 billion) acquisition of SinoSing Power from Huaneng Group, including cash…

Huaneng Power International has completed an approximately HK$26 billion (US$3.3 billion) acquisition of SinoSing Power from Huaneng Group, including cash and debts.

Tom Chau, corporate partner at Herbert Smith, said that among the challenges of this deal were that the transaction involved a blend of cash and debts, and it required lengthy negotiations between parent companies and their subsidiaries.

Huaneng Power International is the listed unit of the mainland's power producer, while SinoSing Power is the holding company of Tuas Power in Singapore.

Both Herbert Smith and Haiwen & Partners advised on this deal. Herbert Smith's team is led by Tom Chau, senior associate Sherry Lai and Beijing-based associate Issac Chen.

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