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Singapore-based energy partner Lewis McDonald led the Herbert Smith team that advised BG. (Photo: Herbert Smith)
Thursday, June 14, 2012

Philippines: Herbert Smith Advises BG

UK law firm advised BG on $360 million Philippines sale.




Herbert Smith has advised BG Group on an agreement to sell its 40 percent equity interest in two gas-fired power generation plants in the Philippines to its partner in the facilities, First Gen Corporation, for net cash proceeds of US$360 million, the UK law firm said in a statement.

The sale and purchase agreement, signed and completed on 30 May 2012, covers the 1000 megawatt Santa Rita power plant and the 500 megawatt San Lorenzo power plant, both on the island of Luzon. The Herbert Smith team was led by Singapore-based energy partner Lewis McDonald and senior associate Philip Morgan.

 “Our participation in this transaction adds to the significant experience our Singapore-based energy team has gained in the past few years of closing major divestments for international energy companies in Southeast Asia,” McDonald said in the statement.

In respect of Philippines law matters, BG Group was advised by Rosemarie Sicangco of Sicangco & Sicangco Law Offices, Manila. Rothschild's Singapore-based team, led by Peter Bird, acted as financial advisor to BG Group.

First Gen Corporation was advised by Paul Hastings, led by Hong Kong-based partner, Patricia Tan Openshaw. Quiason Makalintal Barot Torres Ibarra & Sison Law Firm, led by Ruel Soriano, advised First Gen Corporation on Philippines law matters.

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