B&E acts on acquisition in Rentas Patio X in favor of ICC

Barros & Errázuriz has acted as advisor to ICC Inversiones in the acquisition of shares of Rentas Patio X.

The transaction consisted of the creation of a preferred series of shares, corresponding to approximately 29% of the total shares of the Company, and their subsequent sale by Patio Comercial to ICC Inversiones, Inversiones Antares, Inversiones SMLP Chile Limitada and Petra (the new shareholders).

As a result of the transaction, Patio Comercial was left with approximately 20% of the Company’s share ownership. In addition, the new shareholders and Patio Comercial entered into a series of acts and agreements, including: (i) the adhesion, amendment and revised text of the Company’s shareholders’ agreement, which regulated certain matters relating to the management of the Company and the transfer of shares, among others; and (ii) a stock option agreement, under which the new shareholders granted Patio Comercial the option to purchase all of its shares in the Company, subject to the terms and conditions set forth in the aforementioned instrument.

This transaction, closed on October 16, had an approximate value of USD $20,000,000. Menichetti Bolelli y Cremaschi Abogados acted as counsel to Grupo Patio, Jara del Favero as counsel to Petra, MICP Abogados as counsel to Inversiones SMLP Chile Limitada, and José Tomás Lavín as in-house counsel to Inversiones Antares.

B&E’s team was led by partner Emilio Vásquez (pictured), with support from senior associate Felipe Ríos and associates Carol Urzúa and Josefa Riquelme.