Cuatrecasas in acquisition of Grupo Ática for Ashmore

Cuatrecasas, through its Bogotá office, has advised, with two independent work teams, the selling parties (Varese Investments, Baiyin Investments, Oil Recovery Systems) and the minority shareholders of IA4, as well as the acquirer (Fondo Ashmore Andino III – FCP and Ashmore Andean Fund III) involved in the acquisition of Grupo Ática.

This transaction was carried out through the purchase of a 97.96% stake in the subscribed and outstanding shares of IA4 and its subsidiaries in Colombia, Peru, Guatemala and the Dominican Republic, as well as the re-profiling of the debt.

BTG Pactual acted as exclusive financial advisor to the sellers on both the sale of the company and the debt reprofiling.

Beyond the negotiation of the share sale and purchase agreements and the due diligence involving different companies and jurisdictions, the transaction was complex because the firm’s legal teams had to conduct several essential transactions in parallel in order to close the deal.

For Ashmore, the transaction represents its strategic entry into the waste management and utilisation business, demonstrating its commitment and mandate to invest in sustainable assets with a significant environmental component in Colombia.

For the sellers, the transaction also represents a significant milestone in their exit strategy, involving the sale of one of the iconic assets in their portfolio.

Cuatrecasas’ team responsible for advising Ashmore was comprised of partner Felipe Mariño (pictured left), and associates Álvaro Rueda, María Alejandra Rueda and Laura Garay. Partner Juan Felipe Vera (pictured right) and associates Daniela Duarte, María Salome Perea and María Camila Solano advised the selling companies.