Sullivan & Cromwell advises ENN Natural Gas Co., Ltd. on $11.6 billion acquisition from ENN Energy Holdings Limited

ENN Natural Gas Co., Ltd. is a Shanghai-listed PRC gas group active across upstream natural gas resources, LNG terminals, downstream distribution, energy engineering and energy chemicals, and it already controlled 34.28% of ENN Energy before launching the buyout.
The buyer is pursuing a scheme privatization valuing ENN Energy at about HKD 80 per share and approximately HKD 90.5 billion (USD 11.6 billion) in aggregate, structured as a securities exchange offer with cash consideration.
Minority ENN Energy shareholders are to receive newly issued ENN-NG H shares plus cash for cancelled shares, while ENN-NG will seek a concurrent Hong Kong H-share listing to become dual-listed in Hong Kong and Shanghai; the proposal is subject to Hong Kong, PRC and Cayman Islands regulation and is intended to create a fully integrated upstream-to-downstream chain.

ENN Natural Gas Co., Ltd. is a Shanghai-listed PRC gas group active across upstream natural gas resources, LNG terminals, downstream distribution, energy engineering and energy chemicals, and it already controlled 34.28% of ENN Energy before launching the buyout.
The buyer is pursuing a scheme privatization valuing ENN Energy at about HKD 80 per share and approximately HKD 90.5 billion (USD 11.6 billion) in aggregate, structured as a securities exchange offer with cash consideration.
Minority ENN Energy shareholders are to receive newly issued ENN-NG H shares plus cash for cancelled shares, while ENN-NG will seek a concurrent Hong Kong H-share listing to become dual-listed in Hong Kong and Shanghai; the proposal is subject to Hong Kong, PRC and Cayman Islands regulation and is intended to create a fully integrated upstream-to-downstream chain.

Deal Overview