Cases & Deals

Tanjong Public Limited acquires CDC Globeleq Holdings for $528 million

Clients Tanjong Public Limited Company

Jones Day advised Tanjong Public Limited Company in the $528 million acquisition by its 55%-owned subsidiary, Pendekar Energy Ltd (PEL), of CDC Globeleq Holdings Limited, a subsidiary of CDC Group plc, which owns seven power plants in Egypt, Bangladesh, Pakistan and Sri Lanka. The remaining 45% of PEL is held by Aljomaih Automotive Company, a private limited company incorporated in the Kingdom of Saudi Arabia. The acquisition is consistent with Tanjong's strategy of acquiring or developing power generation assets in selected emerging markets economies. The transaction consolidates its position in Egypt and establish a presence in Bangladesh and Pakistan. Tanjong funded the purchase using a mixture of internally generated funds and acquisition finance.