King & Spalding LLP represented Samsung C&T Corporation (“Samsung”) on its sale of a 9.98% interest in Qurayyah Investment Company (“QIC”) to Qurayyah Project Company (“QPC”), a holding company wholly owned by the Arabian Company for Water and Power Projects (“ACWA Power”), for US$ 25 million. As part of the transaction, a Call and Put Option Agreement was negotiated.
Samsung was founded in 1938 as the parent company of Samsung Group. In 1975, it was designated by the Korean government as the nation’s “first general trading company” to lead overseas sales operations. It merged with Samsung Construction in December 1995, and has since been engaged in various global businesses through offices in over 50 countries. Since then, it has evolved into a leader in Korea’s service industry by expanding its business scope to include resorts, food and beverage, and landscaping.
ACWA Power is a leading regionally based developer, investor, co-owner and operator of a portfolio of power generation and desalinated water production plants currently with a presence in 10 countries including in the Middle East and North Africa, Southern Africa and South East Asia regions.
QIC owns and operates a 3,927 mega-watt power plant with gas and steam configuration.
MENA Infrastructure Fund IP, a US$ 300 million infrastructure fund, is also a shareholder of QIC.