@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.
Hyderabad-based CVR Group unit Navayuga Power may sell stake in its power assets to Toshiba, Sumitomo, Mitsubishi & GDF Suez. The deal Value expected to be in between INR 13,800 to 14,400 Mn for equity stake 49 to 51%.
DealCurry tracks financial and corporate markets for events, interprets and integrates the information in our platform, providing premium data, news and analytics. DealCurry provides comprehensive coverage of the capital markets through an intuitive, user-friendly interface.