White & Case Advises Sempra Energy on US$3.59 Billion Divestiture of Luz del Sur in Peru
2 min read
Global law firm White & Case LLP has advised Sempra Energy on the completion of the sale of its Peruvian businesses, generating approximately US$3.59 billion in total cash proceeds, subject to post-closing adjustments. The sale to China Yangtze Power International (Hongkong) Co., Limited (CYP) includes Sempra Energy's 83.6 percent stake in Luz del Sur S.A.A. (Luz del Sur), as well as Tecsur S.A., which provides electric construction and infrastructure services to Luz del Sur and third parties, and Inland Energy S.A.C., Luz del Sur’s generation business.
Luz del Sur serves the southern region of Lima, Peru, and is the largest electric company in the country.
CYP is a subsidiary of China Yangtze Power Co., which is China's largest publicly listed power company. China Yangtze Power Co. engages in electric power production, technological consultation of electric power generation and selected distribution services.
Sempra Energy's mission is to be North America's premier energy infrastructure company. With more than US$60 billion in total assets reported in 2019, the San Diego–based company is the utility holding company with the largest US customer base. The Sempra Energy companies' more than 18,000 employees deliver energy with purpose 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. Sempra Energy has been consistently recognized for its leadership in diversity and inclusion, and sustainability, and is a member of the S&P 500 Utilities Index and the Dow Jones Utility Index. The company was also named one of the "World's Most Admired Companies" for 2020 by Fortune Magazine.
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, 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.
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