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Private Equity

Mergers & Acquisitions | 24 November 2010

JSW Energy To Acquire CIC Energy Corp For $414 Mn

by Pranay Surakanti
JSW Energy To Acquire CIC Energy Corp For $414 Mn
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@JSW_Energy_L Ltd is set to acquire CIC Energy Corp, a company incorporated in the British Virgin Islands and listed on the Toronto and Botswana stock exchanges for Canadian $422 Mn (Rs.1,886 Cr / $414 Mn).

JSW will buy all shares of CIC at Canadian $7.42 per share, which is at a premium of 42.7% on CIC’s Monday closing on the Toronto Stock Exchange.

This acquisition will enable JSW to secure long-term coal requirements for its existing projects.

CIC Energy owns and develops coal mines in Botswana in Africa with reserves of about 2.6 billion tonnes of thermal coal, used primarily by power plants.

The acquisition will be carried out by a subsidiary of JSW Energy and is scheduled to be completed by March 31, 2011.

Amarchand Mangaldas advised JSW Energy with a team led by Senior Partner L. Viswanathan. The international legal counsels for JSW Energy were from the offices of Stikeman Elliott LLP (Canada), Edward Nathan Sonnenbergs (South Africa), Conyers Dill & Pearman (British Virgin Island), Collins Newman & Co (Botswana) and Wragge & Co. LLP (England).

Macleod Dixon LLP (Canada) acted as the legal advisor to CIC Energy.

@KPMG acted as the tax and accounting advisor to JSW Energy and Deutsche Bank along with Motilal Oswal acted as the financial advisors to CIC Energy.

Transaction Reference: Press Release

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