Huaneng Power International, Inc. (SEHK:902) agreed to acquire 80% stake in Huaneng Shandong Power Generation Co., Ltd. and Huaneng Jilin Power Generation Co., Ltd. and Huaneng Heilongjiang Power Generation Co., Ltd and 90% stake in Huaneng Henan Zhongyuan Gas Turbine Ltd. from China Huaneng Group for CNY 15.1 billion in cash on October 14, 2016. Unless otherwise agreed between the parties, the Huaneng Power International, Inc. shall pay the consideration in three installments according to the ratios of 50%, 20% and 30%, of which the first payment shall be payable within 5 working days after the Completion Date, the second payment shall be payable within 3 months from the Completion Date and the third within 6 months from the Completion Date. Huaneng Power International, Inc. will pay the consideration in cash with its own funds. As a part of transaction, an Independent Board Committee will be established to advise on the transaction. For the year ended December 31, 2015, Shandong Power reported total assets were CNY 43.95 billion, total common equity of CNY 8.09 billion, minority interests of CNY 2.70 billion, revenue of CNY 21.5 billion and net profit of CNY 2.4 billion, Jilin Power reported total assets were CNY 11.7 billion, total common equity of - CNY 390.8 million, revenue of CNY 2.44 billion and net loss of CNY 4.40 billion, Heilongjiang Power reported total assets were CNY 13.28 billion, total common equity of CNY 0.37 billion, minority interests of CNY 2720 million, revenue of CNY 3.67 billion and net profit of CNY 209 million and Zhongyuan CCGT reported total assets were CNY 1.8 billion, total common equity of CNY 157.37 million, revenue of CNY 832.4 million and net profit of CNY 2.2 million. The deal is subject to third party approval, government approvals and internal decision making bodies. The extraordinary general meeting of Huaneng Power will be held on November 30, 2016. The transaction is expected to close by January 1, 2017. Huaneng Power and Huaneng Group shall register the transfer of the target interests at the industrial and commercial administration bureau as soon as possible after the completion. Zhong He Appraisal Co., Ltd acted as independent valuer, Edmund Chan of CITIC CLSA Capital Markets Limited acted as financial advisor and KPMG Hong Kong acted as accountant for Huaneng Power International, Inc. (SEHK:902). Gram Capital Limited acted as financial advisor for Independent Board Committee of Huaneng Power. As on November 30, 2016, shareholders of Huaneng Power International, Inc. approved the transaction. Huaneng Power International, Inc. (SEHK:902) completed the acquisition of 80% stake in Huaneng Shandong Power Generation Co., Ltd. and Huaneng Jilin Power Generation Co., Ltd. and Huaneng Heilongjiang Power Generation Co., Ltd and 90% stake in Huaneng Henan Zhongyuan Gas Turbine Ltd. from China Huaneng Group January 1, 2017.