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China Southern Power Grid to Acquire Stake in Luxembourg Utility Giant

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In a deal valued at US$ 468 million, Ardian announced the sale of its 25.48% stake in European utility giant Encevo S.A. Encevo is now partially in the hands of state-owned China Southern Power Grid Company Limited (CSG), as of July 31, 2018. Ardian is a private investment house with assets of US$ 71 billion managed or advised in Europe, the Americas, and Asia. Ardian invests on behalf of sovereign wealth funds and other third-parties. Guangzhou-based CSG invests in and constructs power networks in several Chinese provinces, as well as Chile, Malaysia, Vietnam, and Laos.

The sale includes Encevo’s two subsidiaries, Creos and Enovos Luxembourg. Creos is responsible for managing electricity and gas grids. Enovos Luxembourg sells energy in Luxembourg and Germany. CSG is currently focusing on promoting green energy, which will have little adverse impact on the environment. Encevo was also investing in renewable energy. As a result, Encevo was especially attractive to CSG.

28% of Encevo is owned by the Luxembourg state, 15.61% of the entity is owned by the City of Luxembourg, while 14.2% is owned by Société Nationale de Crédit et d’Investissement (SNCI). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

GIC Supports CapitaLand Shanghai Investment on Haimen Road

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GIC Private Limited, Singapore’s sovereign wealth fund, has entered into a 50:50 joint venture with Raffles City China Investment Partners III (RCCIP III), a fund controlled by CapitaLand. The joint venture is acquiring Shanghai’s tallest twin towers for an aggregate consideration of RMB 12.8 billion (US$ 1.84 billion). The property is located in Shanghai’s core Central Business District.

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Wells Fargo Could be Slimming Down, Possible Retirement Unit Sale

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Wells Fargo (WFC) is looking to exit the retirement plan servicing market, for a potential sale price of US$ 1 billion. The unit is involved in record-keeping, custody, trust details and various other retirement plan services for corporations. It is housed under the Wealth and Investment Management unit. The retirement plan servicing market is not particularly compelling for the bank, especially in light of the U.S. Department of Labor’s newer regulations to force managers to disclose compensation arrangements and fees to plan fiduciaries. Wells Fargo has been lauded for its loyal consumer base and high revenue, and doesn’t require the business, though recent scandals have been a drag on the company’s profitability and public image. This news has pre-empted some advisors to jump ship. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Mubadala Petroleum Signs Deal to Buy Interest in Nour North Sinai Offshore Area Concession

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Mubadala Petroleum, a division of Mubadala Investment Company, signed a deal to acquire a 20% percent participating interest in Egypt’s Nour North Sinai Offshore Area concession. The seller of the interest is a subsidiary of the Italian energy giant Eni. Eni holds an 85% stake in the partnership with Tharwa Petroleum Company, which holds a 15 percent interest. Formed in 2004, Tharwa Petroleum Company is 100% owned by the Egyptian government through a variety of state-owned entities such as the Egyptian General Petroleum Corporation (EGPC) at 20% and Egyptian National Gas Holding Company (EGAS) at 20%.

The sales transaction is subject to conditions, such as approval from government authorities in Egypt.

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