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Latham & Watkins Advises GIC Private Limited on Proposed US$420 Million Investment in AC Energy Philippines

January 6, 2021
Cross-border team represents sovereign wealth fund in proposed acquisition of stake in energy platform.

Latham & Watkins has advised GIC Private Limited on its proposed acquisition, through its affiliate Arran Investment Pte Ltd, of a 17.5% ownership stake in AC Energy Philippines for an aggregate consideration of approximately PHP20 billion (approximately US$420 million).  The transaction will be implemented through a combination of subscription of primary shares (via a private placement) and the purchase of secondary shares from AC Energy and Infrastructure Corporation. The transaction was signed in December 2020 and the completion of the transaction is expected to occur in the first quarter of 2021, subject to the satisfaction of certain agreed conditions precedent, including applicable regulatory approvals.

The Latham deal team was led by partners Mark Cooper and Sharon Lau, supported by Singapore associates Charles Anderson, Liang Zhen Ong and Carolyn Wong; and Hong Kong associate Kirsten Gao. Advice was also provided on arbitration matters by Hong Kong partner Ing Loong Yang and Hong Kong associate Andrew Halliwell; on antitrust & competition matters by Brussels partner Luca Crocco; and on tax matters by London partner Karl Mah and London associates Tegan Creedy, Ed Moberly and Robert Thomas.