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Actis to sell power assets in Latin America, North Africa, Asia29/05/2007. Source: AltAssets. 
 Emerging markets private equity investor Actis has reached agreements to sell operating power businesses in Latin America, North Africa and Asia. The power businesses are owned by Globeleq, a company 100 per cent owned by CDC Group. Actis manages CDC's investment in Globeleq.
The Latin American transaction includes Globeleq's interests in eight countries. These interests are being sold to a consortium of D.S. Constructions (India) and Israel Corporation.
The North African and Asian businesses, with operations in Egypt, Bangladesh, Sri Lanka and Pakistan, are being sold to a consortium of Tanjong Energy Holdings (Malaysia) and Aljomaih (Saudi Arabia).
The total value paid upon completion of both transactions is expected to be over US$1bn.
Paul Fletcher, senior partner of Actis, said, 'This transaction has validated our investment thesis of countercyclical asset acquisitions and the strategy of owning majority operating positions in these assets. Actis's broad platform and one-firm approach has contributed significantly to the success of this investment.'
Alistair Mackintosh, chief investment officer of Actis and chairman of Globeleq's board of directors, added, 'Globeleq has been a great success. We can now build on that success as Globeleq continues to be a major force in building much needed new capacity. Going forward we will be actively developing and investing in new power projects, which build on the company's unrivalled knowledge and expertise in these markets.'
Actis has US$3.4bn in funds under management and investment professionals on the ground in 15 offices in Africa, China, India, South East Asia and Latin America.
CDC is a fund of funds investor in emerging markets.
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