Ashurst is advising Japanese trading company Mitsui & Co. on the US$2.3bn acquisition of the international generation portfolio of Edison Mission Energy.

Mitsui is investing approximately US$600m - equating to a 30% ownership share - in a partnership with International Power plc to help fund the acquisition, which is expected to complete late this year. The total deal value, including new and existing debt, is around US$6bn.

Tokyo managing partner John McClenahan is leading the Ashurst team advising Mitsui. Clifford Chance is acting as counsel to the Mitsui/International Power consortium. Linklaters is advising the banks, while Munger, Tolles & Olson LLP is US counsel for Edison Mission Energy.

McClenahan said: "This is a highly complex and challenging transaction. So far, we have advised Mitsui on a number of different levels - including the bidding, joint venture arrangements, debt facilities, structuring and equity arrangements and preference share subscription."

The Edison Mission Energy portfolio consists of 13 power generation projects in nine countries, including the UK, Italy, Spain, Turkey, Australia, Indonesia, Thailand, the Philippines and Puerto Rico. Fuel type of power generation accordingly varies from gas and coal to hydro and wind.

Headquartered in California, Edison Mission Energy's parent company is Edison International, which through its subsidiaries is an electric power generator, distributor and structured finance provider.