Shanghai Electric Power Company Limited (SHSE:600021) entered into definitive agreement to acquire 66.4% stake in K-Electric Limited (KASE:KEL) from KES Power Limited for $1.8 billion on October 28, 2016. Under the terms of the transaction, Shanghai Electric Power Company Limited will acquire 18.3 billion shares of K-Electric Limited using cash. The transaction needs authorization from Pakistan's power authorities. The deal was approved at the Directorate meeting of Shanghai Electric Power held on October 28, 2016. As on December 5, 2016, the Competition Commission of Pakistan approved the transaction. On December 16, 2016, the transaction was approved by shareholders of Shanghai Electric Power Company Limited. As of January 14, 2017, Ministry of Commerce approved the transaction. National Development and Reform Commission approved the deal on February 15, 2017. As of March 31, 2018, Cabinet Committee on Privatization of Pakistan approved the transaction. The transaction is expected to close on March 17, 2017. As of October 23, 2018, K-Electric Limited has filed a law suit against The National Electricity Regulatory Authority of Pakistan and the transaction has not been completed yet. As of December 24, 2018, Shanghai Electric Power Company filed fresh public announcement of the transaction. As a result, Shanghai Electric Power Company has got a nine-month extension for the acquisition of 66.4% stake in K-Electric.

Guotai Junan Securities Co., Ltd. (SHSE:601211) acted as financial advisor for Shanghai Electric Power Company Limited. Omran Alrasheed, Michael Dennison, Mark Dighero, Laura Marie Franklin, Brian Gillespie, Emily Lang, Macky O'Sullivan, Andrew Schoorlemmer, Mehreen Shafiq, Nicholas Stuart and Adam Wells of Allen & Overy LLP acted as legal advisors to KES Power Limited. Credit Suisse acted as the financial advisor to The Abraaj Group, parent co. of KES Power Limited.