State Grid Corporation of China (SGCC), the largest electric power provider in the country, announced at the end of May its acquisition of Spanish company Actividades de Construcciones y Servicios’s (ACS) seven electricity transmission assets in Brazil.
Baker & McKenzie’s China outbound team acted as legal counsel to SGCC. The firm was mainly responsible for drafting the agreements, regulatory structuring, regulatory liaison and general management.
The ability to provide integrated advice and on-the-ground service, together with past experience, played a vital role in successfully completing the deal within a tight timeframe, said Boo Bee Chun, the firm’s Beijing partner and a lead lawyer in the deal.
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SGCC achieved the takeover through State Grid International Development, its wholly owned subsidiary responsible for developing the company’s international business. SGCC said the transaction is the company’s second-largest investment in Brazil, and will cost the company about US$530 million.
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