Walkers Acts on China Yangtze Power Co., Ltd. Acquisition

Walkers is acting as Bermuda counsel to China Yangtze Power Co., Ltd. (600900.SH) in its acquisition (through its subsidiary China Yangtze Power International (Hongkong) Co., Limited ("CYP")) of the equity interests in the Peruvian businesses, including its 83.6% stake in Luz del Sur S.A.A. (Luz del Sur), from Sempra Energy (NYSE: SRE). Sempra Energy's interests will be sold for US$3.59 billion in cash, subject to closing adjustments for working capital and net indebtedness.

The sale is expected to be completed in the first quarter of 2020, subject to customary closing conditions, including approval by the Peruvian anti-trust authority and the Bermuda Monetary Authority.

Luz del Sur serves the southern region of Lima, Peru, and is the largest electric company in the country.

China Yangtze Power Co., is listed on the Shanghai Stock Exchange, and is the largest publicly listed power company in China with a market capitalization of approximately $58 billion. China Yangtze Power Co. engages in electric power production, technological consultation of electric power generation and selected distribution services. The vendor Sempra Energy is a North America's premier energy infrastructure company, and is a member of the S&P 500 Utilities Index and the Dow Jones Utility Index.

Tian Yuan Law Firm is the onshore legal advisor to China Yangtze Power Co. Bermuda corporate partner Jonathan Betts together with Mark Cummings and Jo Lit, two other Walkers partners from Hong Kong office, are acting in this transaction."