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CIC to acquire minority stakes in EIG Global Energy

Feb. 3, 2012 (China Knowledge) - China Investment Corp or CIC, the country's sovereign wealth fund, will buy a minority stake in Washington-based asset manager EIG Global Energy Partners, said the U.S. energy company yesterday.

EIG, however, did not disclose details, including the size of the stake or purchase price of the deal. CIC is an investor in some funds managed by EIG, said the U.S.-based firm, adding that Goldman Sachs advised on the transaction.
A spokesperson for CIC declined to comment on the news.

EIG, which had US$9.5 billion under management as of Nov. 30, 2011, has committed US$11 billion in more than 260 energy projects in 33 countries, such as Nigeria, Russia and Indonesia.

Last December, CIC acquired a 25% stake in South Africa's Shanduka Group at a consideration of US$240 million. The deal followed CIC's acquisition of stakes worth US$4.2 billion in GDF Suez S.A., a French multinational energy company, sources reported.

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