White & Case Advises on Largest Energy Acquisition by an Indian Company
New York, London, Brussels, Mexico City, Washington, DC,
June 30, 2008 ... Global law firm White & Case LLP represented GMR Infrastructure Ltd. in the largest-ever acquisition of a global energy utility by an Indian company. Under the deal, GMR, which has holdings in energy, airports, highways and urban infrastructure, has agreed to purchase a 50 percent stake in the global power generation company InterGen N.V. for $1.1 billion. InterGen holds beneficial interests in 12 generation assets in 5 countries with 6,231 MWs of capacity.
"This deal will expand GMR's global energy and infrastructure footprint and will provide a strong platform to compete globally and within India for large infrastructure projects expected to come up in the next few years," said lead partner Nandan S. Nelivigi.
Bangalore-based GMR is purchasing the InterGen stake from AIG Highstar Capital II LP. Ontario Teachers Pension Plan will continue to hold the other 50 percent stake in InterGen. The transaction, subject to regulatory approvals, is expected to close in 2008.
Along with Nelivigi, the White & Case team included partners Oliver C. Brahmst, Sandra J. Warren and Stuart A. Caplan, counsels Daniel J. Kessler and Mark T. Hamilton and associates Jeannine L. Acevedo, Johanna B. Fine, Heather Giannandrea, Raymond Azar, David J. Ernst, Kyle H. Chorba, John S. Kim and Laura Chang in New York; partner David G. Baker and associates Kirsti Massie, Manisha More and Mukund Dhar in London; counsel Suzanne E. Innes-Stubb and Ian Reynolds in Brussels; associate Peter P. Thieman in Washington, DC; and partner Ariel Ramos and associates Carlos Mainero-Ruiz and Hernan Gonzalez-Estrada in Mexico City.
In addition to representing GMR on its landmark deal, White & Case has recently advised on a number of other high-profile transactions in India, including:
- Representing GMR Energy Ltd in the acquisition of a strategic stake in Homeland Mining and Energy SA, a coal-mining company in South Africa from the Homeland Energy Group.
- Representing Lionsgate, a leading independent film studio, on its joint venture with Eros International, the London-listed Indian film studio.
- Advising leading Indian television broadcaster NDTV on the sale of a 26 percent equity stake in NDTV Networks to NBC Universal, the broadcasting unit of General Electric Company, for $150 million.
- Advising Lehman Brothers Real Estate Partners in its $175 million investment in the development of an office property in Mumbai through a joint venture with Unitech Ltd and Shivalik Ventures.
- Representing leading Indian real estate company DLF Ltd. on its $2.25 billion initial public offering on the National Stock Exchange of India and the Bombay Stock Exchange. The flotation, which was 3.5 times oversubscribed and the largest in Indian stock market history, was recently named the number one Indian IPO of 2007 by the India Business Law Journal.
About White & CaseWhite & Case LLP is a leading global law firm with more than 2,300 lawyers in 37 offices in 25 countries. Our clients value the breadth and depth of our US, English and local law capabilities and rely on us for their complex cross-border commercial and financial transactions and for international arbitration and litigation. Whether in established or emerging markets, the hallmark of White & Case is our complete dedication to the business priorities and legal needs of our clients.
Contact: Reilly Starr Media Relations Manager White & Case LLP 1 212 819 8315
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