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White & Case Advises Sempra Energy on US$3.59 Billion Agreement to Sell Its Equity Interests in Peruvian Businesses

Global law firm White & Case LLP has advised Sempra Energy on an agreement to sell its equity interests in its Peruvian businesses, including its 83.6 percent stake in Luz del Sur S.A.A. to China Yangtze Power International (Hongkong) Co., Limited. Sempra Energy’s interests will be sold for US$3.59 billion in cash, subject to closing adjustments for working capital and net indebtedness. The sale is expected to be completed in the first quarter of 2020, subject to customary closing conditions, including approval of the Peruvian anti-trust authority and the Bermuda Monetary Authority.

The sale agreement supports Sempra's mission to be North America's premier energy infrastructure company and strengthen its operations in California and Texas.

Sempra Energy is a North American energy infrastructure company with more than US$60 billion in total assets reported in 2018 and approximately 40 million customers worldwide. China Yangtze Power Co. is the largest publicly listed power company in China, with a market capitalization of approximately US$58 billion.

The White & Case team that advised on the transaction was led by partners Thomas Lauria and Marwan Azzi, and included partners Greg Pryor, Michael Deyong, David Dreier, Henrik Patel, Arlene Arin Hahn, Damien Nyer and Seth Kerschner, as well as associates Adam Cieply, Jason Krause, Caelah Nelson, Dilara Erik, 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.

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