DLA Piper advises Nam Kwong and subsidiary on acquisition of interest in SFED

DLA Piper has advised Nam Kwong Group Company, a state-owned enterprise, and its wholly-owned subsidiary Nam Kwong Development (HK) on the acquisition of a 90 per cent interest in Sino-French Energy Development Company (SFED) from Sino-French Holdings (Hong Kong) (SFH) for $612m (£364m).

SFED is a special-purpose vehicle, 90 per cent of which is held by SFH, with the remaining 10 per cent held by a company wholly owned by the former casino magnate Stanley Ho.

SFH is a joint-venture company formed by Suez Environement and NWS Holdings, which holds approximately a 42.2 per cent interest in Companhia de Electricidade de Macau (CEM).

CEM is the public utility company that has the sole concession to transmit, distribute and sell high-, medium- and low-voltage power in Macau.

The deal was led by Esther Leung, a corporate partner in Hong Kong, and supported by Richard Lee (senior associate) and Winnie Lo (associate) in the corporate group in Hong Kong.