Milbank LLP advised Singapore-based AGP International Holdings Pte. Ltd. (“AG&P”) on its sale of a 20 percent minority stake to Osaka Gas Co. Ltd. (“Osaka Gas”), one of the world’s leading gas utilities companies, and Japan Bank for International Cooperation (“JBIC”), a financial institution wholly owned by the Japanese government. The equity investment is valued at US$100 million.
AG&P is a leading provider of gas logistics for commercial and individual end users as well as engineering and construction services for highly complex gas projects, including LNG liquefaction, refineries, petrochemical facilities and utilities.
It is anticipated that AG&P will use the funds to develop several global liquefied natural gas (“LNG”) initiatives, including small- and medium-scale LNG import terminals and AG&P’s City Gas Distribution business in India. The investment is also expected to further AG&P’s longstanding partnership with Osaka Gas on the development of LNG infrastructure projects throughout the Americas and southern Asia.
The Hong Kong-based Milbank team was led by Global Capital Markets partner David Kuo and counsel Paul Pery, with associate Ari Singzon.
Mr. Kuo said: “Our Milbank team is thrilled to have advised AG&P – a company that is at the forefront of transforming the natural gas value chain in emerging markets. This transaction demonstrates our Asia team’s ability to advise investors at all levels of the gas production and distribution chain.”
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