US ExxonMobil agrees $3.1bn deal to sell stake in Hong Kong power op

19 November 2013 14:25  [Source: ICIS news]

HOUSTON (ICIS)--US energy and petrochemicals major ExxonMobil has agreed to sell its 60% stake in Hong Kong’s power utility Castle Peak in a deal worth Hong Kong dollar (HK$) 24bn ($3.1bn), one of the buyers said on Tuesday.

Hong Kong’s power firm CLP Holding said that it would acquire half of ExxonMobil’s stake in Castle Peak, with China Southern Grid acquiring the remaining half.

Following completion, CLP will hold 70% of Castle Peak and China Southern Grid 30%.

In a separate deal, CLP also agreed to acquire ExxonMobil’s 51% stake in Hong Kong Pumped Storage Development for HK$2bn to gain full ownership of that company, it added.

($1 = HK$7.75)

By: Stefan Baumgarten
+1 713 525 2653

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