A cross-border team at Hogan Lovells advised a consortium comprising Macquarie's Infrastructure and Real Assets division ("MIRA") and Arran Investment Pte. Ltd. ("Arran"), an affiliate of GIC Pte. Ltd. on the acquisition of approximately 31.7 per cent of the total outstanding voting shares of Energy Development Corporation ("EDC") for approximately US$1.3 billion (the "Transaction").

EDC is a listed Philippine power company and the largest producer of geothermal energy in the Philippines.

The Transaction is the largest ever voluntary tender offer in the Philippines, the largest ever voluntary tender offer in the power sector in Asia and the largest single foreign direct investment into the Philippines under the administration of President Duterte.

The Hogan Lovells team comprised lawyers from Singapore, Hong Kong, Beijing, Amsterdam, London and Washington D.C. and was led by Mark Cooper, assisted by Stephanie Keen (Singapore) and Victor de Vlaam (Amsterdam).

"It was a great pleasure to work on one of the highest profile and most complex energy M&A deals in the region this year. Our cross-office and cross-practice efforts underline our commitment to collaboration and innovation", commented Mark Cooper, Corporate Partner, Hogan Lovells Lee & Lee in Singapore.

Alexander McMyn (Banking Partner, Singapore) led the financing workstream for the Transaction, assisted by Wouter Jongen (Banking Partner, Amsterdam). 

Financing for the transaction was structured and underwritten by ANZ. Mark Harding, Head of Financial Institutions Group, South East Asia, India and Middle East commented, "We are pleased to support the MIRA and Arran consortium with a comprehensive financing and FX hedging solution, leveraging on ANZ’s cross-border product capabilities, local Asian market presence and strong knowledge of Financial Institution risk".

King & Wood Mallesons and Allen & Gledhill provided separate advice to MIRA and Arran respectively.