Baker & McKenzie
Baker & McKenzie is advising State Grid Corp. of China, a Chinese government owned firm, on its $1 billion acquisition of power utility assets in Brazil.
The seven high-voltage electricity transmission assets are owned by Spanish construction group ACS Actividades de Construccion y Servicios SA. The deal requires approval from regulators in both China and Brazil. State Grid Corp. is the largest power firm in China and the biggest state-owned utility in the world. The company is in expansion mode in recent years and has already bought power transmission assets in Brazil worth $1.8 billion during which it was advised by Milbank.
Baker & McKenzie has already advised the firm on its 2009 joint venture with two Filipino power companies to operate that country's electric grid. That deal was worth $3.95 billion.