DLA Piper and Clifford Chance have the lead roles on a $612 million deal which will see a Chinese state-owned company acquire a 38 percent stake in Macau’s sole power company.

State-owned Nam Kwong (Group) Co. Ltd. is acquiring its stake in Companhia de Electricidade de Macau-CEM S.A. indirectly, by purchasing a 90 percent interest in Sino-French Energy Development Co. Ltd. Sino-French, which was set up by a joint venture between Hong Kong’s NWS Holdings Ltd. and French water management company Suez Environnement S.A., owns a 42.2 percent stake in the Macanese power company.

Macau, a former Portuguese colony, reverted to Chinese rule in 1999, and has since become a gambling mecca. Casino operator Stanley Ho will own the remaining 10 percent in Sino-French Energy. In a filing, NWS said it retains the option to buy back a 9 percent interest from Ho, giving it a 3.8 percent stake in Companhia de Electricidade de Macau.

NWS Holdings Ltd. is a unit of New World Development Co. Ltd., one of the largest property developers in Hong Kong.

DLA Piper Hong Kong partner Esther Leung is advising Nam Kwong on the deal.

Clifford Chance Hong Kong partner Cherry Chan is representing NWS while Weil, Gotshal & Manges Hong Kong partners Akiko Mikumo and Henry Ong are acting for Suez Environnement.

Email: azhang@alm.com.