Carey advises Enel on $1.35bn stake sale
Carey has advised Enel Chile in a bidding process to sell its stake in Enel Transmisión Chile for US $1.35 billion.
This transaction took place on 9 December, and is subject to various conditions precedent, including obtaining the relevant antitrust approvals.
The advice included the negotiation of the purchase and sale agreements and other related documents and the sale of the intercompany debt. Arteaga Gorziglia acted as counsel to Grupo Saesa. Rotschield acted as financial advisor.
The process began as an international tender, with several parties submitting very competitive bids. Negotiations were conducted in record time to facilitate the chances of closing during 2022. This involved the need for collaborative work between the company’s executives, lawyers, financial advisors and experts. Once the conditions have been met, the transaction will materialise through a takeover bid.
Enel Transmisión Chile is an open joint stock company that operates and owns 683 kilometres of transmission lines. In addition, it operates 57 substations of its own; and owns and operates assets that are installed in three substations owned by third parties.
Domingo Valdés, Mónica Fernández, Isabel Cabeza and Macarena Navarro acted as in-house counsels to Enel Chile. Gonzalo Caldera and Christine Hoelck acted as in-house counsels for Saesa.
Arteaga Gorziglia’s team consisted of partners Ignacio Arteaga, Luciano Cruz and Andrés Ossandón.
Carey’s team was led by partners Alfonso Silva (pictured left) and Cristián Figueroa (pictured right), with support from counsel Eduardo Martin and associates Vicente Yubini and Borja Ochagavía.
