China's Huaneng Power International Agrees to Acquire Stakes from Huaneng Group.
M2 EQUITYBITES-October 17, 2016-China's Huaneng Power International Agrees to Acquire Stakes from Huaneng Group
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17 October 2016 - China-based power company Huaneng Power International, Inc. (NYSE: HNP) has agreed with China-based electric utility China Huaneng Group on a transfer agreement concerning the transfer of certain equity interests in certain companies and a profit compensation agreement, the company said.
If consummated, the company will acquire the target interests at a price of USD 2,243,972,678.26.
Target interests are subject to the satisfaction of the terms and conditions of the Transfer Agreement and the Profit Compensation Agreement.
Upon consummation of the transactions contemplated thereunder, HPI will acquire from Huaneng Group: 80% equity interests in the registered capital of Huaneng Shandong Power Generation Co., Ltd.; 100% equity interests in the registered capital of Huaneng Jilin Power Generation Co., Ltd.; 100% equity interests in the registered capital of Huaneng Heilongjiang Power Generation Co., Ltd. and 90% equity interests in the registered capital of Huaneng Henan Zhongyuan Gas Turbine Power Co., Ltd.
The company's board of directors has approved the transactions at a meeting on October 14, 2016, and the company entered into the Transfer Agreement and the Profit Compensation Agreement on the same day.
Huaneng Power International is a power producers with controlled generation capacity of 82,571mw and equity-based generation capacity of 75,403mw.
The power plants of the company are located in 22 provinces, municipalities and autonomous regions in China. The company also has a wholly-owned power company in Singapore.
China Huaneng Group is a state-owned electric utility enterprises in China, administrated by the State Council of the People's Republic of China.
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|Publication:||M2 EquityBites (EQB)|
|Date:||Oct 17, 2016|
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