S&C, Freshfields on $3.6 Billion HK Electric IPO
Sullivan & Cromwell and Freshfields Bruckhaus Deringer have the lead roles on the expected $3.6 billion initial public offering of Hong Kong tycoon Li Ka-shing’s local electric utility.
Li’s Power Assets Holdings Ltd. is spinning off its HK Electric utility into a trust, and plans to sell 4.4 billion at a range of $0.70 to $0.81 apiece. The final price for the IPO is expected on Jan. 22, with trading to commence a week later.
After the listing, Power Assets will control a 49.9 percent share of the trust. State Grid Corp. of China, which is subscribing to $1.3 billion worth of the units, will hold 18 percent.
Sullivan & Cromwell is advising the issuer, with a team led by Hong Kong partner William Chua.*
Freshfields Hong Kong partner Grace Huang is advising joint global coordinators Goldman Sachs (Asia) and The Hongkong and Shanghai Banking Corp. Ltd.
*Updated, 1/17/14: This story has been updated to include William Chua as the Sullivan & Cromwell partner advising Li Ka-shing's local electric utility on its IPO.