Deals
China Consortium Close to Buying Argentine Power Unit
- Acquisition of 80% of Stoneway expected to be sealed next week
- Gramercy, Gemcorp to profit from sale on almost $200m loan
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A consortium of Chinese companies led by China Huadian Corp. is close to acquiring a controlling stake in Argentine power generator Stoneway Group LP, according to people familiar with the matter.
Huadian -- one of several Chinese state-owned power generation corporations born out of a 2002 industry reform -- and its partners will acquire about 80% of Stoneway. The group will make the acquisition in three tranches through a unit called China Huadian Engineering, the people said, asking not to be identified as the talks are private.