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US firms Skadden Arps Meagher Slate & Flom and Latham & Watkins scored roles on Asia’s largest energy transaction, the $3.4bn (£1.74bn) acquisition of Mirant’s Philippine business by a consortium comprising power companies Marubeni and Tokyo Electric.
Skadden represented Mirant on the disposal, which sees the New York Stock Exchange-listed business sell its Mirant Asia Pacific unit, the most valuable component of which is Mirant Philippines, the biggest power supplier in the Philippines. DC-based M&A partner Mike Rogan and Sarah Ward in New York led the Skadden team.
Latham advised the consortium on the purchase. Latham’s team was fielded out of its Hong Kong, Singapore and US offices, with Hong Kong managing partner Joseph Bevash and Tokyo head of high tech Michael Yoshii leading the team.
Marubeni and Tokyo Electric will each take a 50 per cent stake in Mirant Asia Pacific. In the Philippines specifically, they plan to sell electricity to government-owned National Power Corporation.
Credit Suisse were financial advisers to Mirant, while Sumitomo Mitsui and ING Bank advised the consortium.