Cuatrecasas counsels Naturgy on the sale of CGE to SGI

Cuatrecasas Chile has advised Naturgy on the sale of Compañía General de Electricidad to Chinese company State Grid

 Cuatrecasas, through its office in Santiago de Chile, has counselled Naturgy on the sale of the main electricity distributor in Chile, Compañía General de Electricidad S.A. (CGE), to the Chinese state-owned company State Grid International Development Limited (SGI), following the successful completion of the takeover bid launched by the latter as a necessary and final step to complete the sale transaction.

This transaction was worth 2.7 billion euros, and according to the lead partner of the deal, Roberto Guerrero: “This is a significantly complex operation and the most important one in Chile so far this year, which required our advice in different areas after the signing of the purchase agreement”.

The agreement for the purchase and sale of Naturgy’s 96.04% stake in CGE was announced by both companies in November 2020. The transaction obtained the relevant regulatory approvals, as well as the necessary authorisations from the Chilean competition supervisory bodies, until the launch of the takeover bid by SGI at the end of June.

Cuatrecasas’ team was comprised of partners Roberto Guerrero (pictured left), Macarena Ravinet (pictured top center), Josefina Yávar (pictured top right), Gianfranco Lotito (pictured bottom center), Tomás Kubick (pictured bottom right) and associate Pilar Illanes.