Ashurst advised Citigroup Global Markets Limited, who acted as sponsor in relation to the sale by London listed miner Kazakhmys PLC (Kazakhmys), of its 50% interest in Ekibastuz LLP, the owner of Kazakhstan's biggest power station, and 100% of the issued share capital of Kazhydrotechenergo LLP to Samruk-Energo, a subsidiary of Samruk-Kazyna, the Kazakh sovereign wealth fund, which owns the other 50% interest in Ekibastuz LLP.

Under the terms of the deal, Kazakhmys will receive net proceeds of about $1.3 billion in cash, subject to certain consents, approvals and conditions. This is a class 1 transaction for Kazakhmys under the listing rules.

The Ashurst team was led by corporate partner Nicholas Holmes, assisted by counsel Caroline Chambers.