Carey acts for China’s State Grid in Sempra assets acquisition

Chilean law firm Carey has acted for China’s State Grid International Development Limited on the due diligence, bid preparation and negotiation of a purchase agreement for the acquisition of the 100 per cent interest of Sempra Energy in Chile’s Chilquinta Energía and its electric transmission and distribution subsidiaries, and Tecnored, an electric construction and infrastructure services company.

The deal also entails the acquisition of Chilquinta’s 50-per cenr stake in in Eletrans companies, which own, construct, operate and maintain power national transmission facilities.

Additionally, Chilquinta signed an agreement to purchase the remaining 50 per cent interest in Eletrans from Sociedad Austral de Electricidad (SAESA) ,contingent on the closing of the main transaction.

California, US-based utility Sempra launched the sale process in the second half of 2019 and attracted the interest of major international players of the energy and infrastructure sector.

This is the largest M&A operation in Chile this year and the most significant in the energy and infrastructure areas since the sale of the 33 per cent of Brookfield’s interest in Transelec, Carey said.

Paul, Weiss, Fifkind, Wharton & Garrison acted as counsel to SGID in China and US Claro & Cía. as counsel to Sempra in Chile.

White & Case acted as counsel to Sempra in the US, and Milbank as counsel to SAESA in the US.

Carey’s team comprised partners Alberto Cardemil, Francisco Ugarte, Lorena Pavic and José Miguel Bustamante, senior associates Alejandra Daroch, Carmenmaría Poblete and José Pardo, and associate Trinidad Tupper.