King & Wood Mallesons has advised Hony Capital on the sale of its 11.7% share in Santos to ENN Ecological Holdings for US$750million.

The acquisition – which is subject to ENN shareholder approval – will result in ENN being the largest shareholder in the Australian energy company.

Hony Capital is a leading M&A focused private equity company with a track record of success in helping Chinese companies expand internationally. The company will become a strategic investor of ENN’s A-share listed company through a private placement of new shares, equivalent to US$380million, supporting ENN’s natural gas growth plans.

The KWM team was led by partner Shaun McRobert, supported by senior associate David Jewkes and solicitor Renee Sequeira.

Commenting on the deal, KWM partner Shaun McRobert said, “We continue to build on our strong relationships in Asia for the long term benefit of our clients. Our vision is to continue our partnerships over the long term and ensure we deliver value domestically and internationally".

 KWM advised Hony Capital on its investment in Santos in November 2015.