Kazakh Fund Drops $1.3B On Power Plant Stake, Hydro Co.

Law360, New York (December 10, 2013, 3:54 PM EST) -- London-based copper miner Kazakhmys PLC said Tuesday it has agreed to sell its 50 percent stake in a company operating a Kazakhstan power plant and 100 percent of a hydroelectric power company for $1.3 billion in cash to a Samruk Energy, a sovereign wealth fund.

The sale includes Kazakhmys' 50 percent interest in Ekibastuz LLP and 100 percent in share capital for Kazhydro, which operates hydroelectric power plants. Ekibastuz operates the Ekibastuz GRES-1, the largest power station in Kazakhstan, the company said. Kazakhmys expects the deal...
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