B&E on purchase of Renta Patio shares for Cerro Concepción

Barros & Errázuriz has advised Inversiones Cerro Concepción in the acquisition, through ICC Inversiones, of shares in Rentas Patio IV, a subsidiary of Patio Comercial.

The transaction consisted of a capital increase in Rentas Patio IV and the sale of shares in that company to a number of investors, including ICC Inversiones. As a result of the transaction, Patio Comercial was left with approximately 23.30% of the Company’s shareholding, the remaining shareholding being distributed as follows: Inversiones Antares with 25.14%, ICC Inversiones with 24.97%, Inversiones SMLP Chile Limitada with 18.53% and Petra with 8.06% (the ‘new shareholders’).

Patio Comercial and the new shareholders of the Company entered into other acts and agreements, including: (i) a shareholders’ agreement, in which they regulated certain matters relating to the management of the Company and share transfers, among others; (ii) a stock option agreement, by virtue of which the New Shareholders granted Patio Comercial the option to purchase all of their shares in the Company, subject to the terms and conditions set forth in the aforementioned instrument; and (iii) certain operating and brokerage agreements between the Company and Gestión y Desarrollo, a company related to Patio Comercial.

This transaction, which closed on 14 August, amounted to approximately USD 38,000,000. Menichetti Bolelli y Cremaschi Abogados acted as counsel to Grupo Patio, Jara del Favero as counsel to Petra and MICP Abogados as counsel to Inversiones SMLP Chile Limitada.

José Tomás Lavín acted 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.