JERA Asia Private Limited signed a share purchase agreement to acquire 35.1% stake in Gia Lai Electricity Joint Stock Company (HOSE:GEG) from International Finance Corporation,and Armstrong South East Asia Clean Energy Fund, managed by Armstrong Asset Management Pte. Ltd. on August 16, 2022. The acquisition is expected to be completed after the necessary regulatory approvals.

Glynn Cooper of Herbert Smith Freehills LLP acted as legal advisor to International Finance Corporation, Armstrong South East Asia Clean Energy Fund and Armstrong Asset Management Pte. Ltd. Nick Wall of Allen & Overy LLP acted as legal advisor to JERA Asia Private Limited. Ernst & Young UK, Investment Banking Arm acted as financial advisor to JERA Asia Private Limited in the transaction.

Evercore Inc. (NYSE:EVR) acted as financial advisor to JERA Asia Private Limited.