YTL Power International Berhad - Acquisition of PowerSeraya

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On 2 December, 2008 YTL Power International Berhad ("YTL Power") announced that it has agreed with Temasek Holdings ("Temasek"), the Singapore sovereign wealth fund, to purchase Temasek's 100% interest in PowerSeraya Limited ("PowerSeraya") for an enterprise value of SGD 3.8 billion, comprising aggregate consideration of SGD 3.6 billion and assumption of adjusted net debt of SGD 0.2 billion.

PowerSeraya is the third and the last of the three power generating companies ("gencos") that Temasek put up for sale under its planned divestment of the gencos, which was announced in July 2007. PowerSeraya is the second largest power generation company in Singapore in terms of installed capacity, with a total licensed capacity of 3,100 megawatts ("MW"), representing approximately 25% of Singapore’s total licensed generation capacity. PowerSeraya also operates oil trading and multi-utility businesses. The transaction is subject to the approval of the shareholders of YTL Power.

Slaughter and May and TSMP Law Corporation are advising YTL Power.

Simon Hall (partner), Kamaldeep Mahil (associate), Susan Hughes (associate), Emily Coates (associate), Sophie Pate (associate)
TSMP Law Corporation: Stefanie Yuen Thio (joint MD), Ronald Ang (associate)