Paul Hastings Represents Tokyo Electric Power in US$3.42 Billion Acquisition of Mirant's Power Plants in Philippines
Hong Kong (December 14, 2006) - Paul, Hastings, Janofsky & Walker (Paul Hastings), a leading international law firm, has successfully represented The Tokyo Electric Power Company, Incorporated (TEPCO) in its successful bid, together with Marubeni Corporation, to acquire Mirant Corporation's power generation business in the Philippines. Mirant is selling its ownership interests in the Pagbilao, Sual and Ilijan power plants, with a total combined capacity of 2,203MW.
The purchase price of approximately US$3.42 billion plus working capital represents one of the largest M&A energy transactions in Asia in recent years. Paul Hastings lawyers from its Tokyo and Hong Kong offices have worked with TEPCO over the past year in its interest to acquire the business. The assets on sale comprise 100% of the 735MW Pagbilao coal-fired power station, 100% of the 1,218MW Sual coal-fired power station and 20% of the 1,215MW Ilijan gas combined cycle power station. The total capacity of the assets which have changed hands is 2,203MW.
Raj Pande, a partner in Paul Hastings who led the team commented, "We are proud to have advised TEPCO in this landmark transaction in the Philippines. This further highlights our energy and M&A expertise in Asia."
The team of international lawyers in Paul Hastings' Hong Kong and Tokyo offices was led by partner Raj Pande with associates Christian Petersen and Tomohisa Aiko.
Paul Hastings Janofsky & Walker, founded in 1951, is a leading international law firm with over 1,100 attorneys in 18 offices. The firm serves a diverse client base including including many of the leading global financial institutions and Fortune 500 companies and offers deep capabilities in Banking and Finance, Capital Markets, Corporate/M+A, Litigation and Dispute Resolution, Intellectual Property, Project Finance, Investment Management, Real Estate, Labor and Employment and Tax Advisory Services. For additional information, please visit our website at www.paulhastings.com.