Carey counsels Algonquin Power & Utilities on ESSAL acquisition
Carey has acted as counsel to Canada’s Algonquin Power & Utilities on its acquisition of Empresa de Servicios Sanitarios de Los Lagos (ESSAL), a Chilean water utility company
The transaction was valued at $172.5 million and includes a tender offer for 100 per cent of ESSAL, in which Aguas Andinas will sell its 53.51 per cent stake.
ESSAL has operations in Chile’s Los Lagos and Los Ríos regions.
“This transaction was very complex due to the severe regulation to which the sanitary industry is subject, and the large territory and infraestructure owned by the company, which includes 33 sanitary concessions in the Los Lagos and Los Ríos regions,” the law firm said.
“From a capital markets point of view, the launch of a tender offer is required, since the target is a publicly-listed company,” it added.
Carey’s team advising Algonquin was led by partners Alberto Cardemil (pictured), Cristián Eyzaguirre and Francisco Guzmán, with associates Andrés Latorre, Benjamín Sáa, Camila Lavín and Manuel José Barros.
Aguas Andinas was advised by law firm Prieto, with a team comprising partners Fernando Bravo, José Andrés Pascual and Nicolás Yuraszeck, with associate Agustín Martorell.
