Carey assists PSP Investments in tender offer for Hortifrut

Carey has assisted PSP Investments in a Tender Offer for 100% of the outstanding shares of Hortifrut for US$660 million.

This transaction was signed on 16 December 2022 and involved the jurisdictions of Chile, Spain, Mexico and Peru. Linklaters acted as international advisor to PSP Investments, while Claro & Cía. acted as local advisor to Hortifrut.

The advice involved the negotiation of the agreements entered into with the controlling shareholders of Hortifrut for PSP Investments to initiate a takeover bid for 100% of the outstanding shares of Hortifrut. The transaction contemplates that the controlling group will hold at least 50.1% of Hortifrut’s shares, so the negotiation contemplated the execution of a shareholders’ agreement that regulates, among other things, Hortifrut’s corporate governance and the transfer of its shares after the takeover bid. In addition, Carey led the due diligence in Spain, Mexico and Peru.

Hortifrut is a public limited company and has established itself as a leading global business platform for the production and marketing of fresh and frozen berries.

Sonia Rasquinha acted as in-house counsel for PSP Investments.

Claro & Cía’s team included partner Felipe Larraín and associate Vicente Allende.

Carey’s team comprised lawyers Cristian Figueroa (pictured), Vicente Güell, Catalina Walker, Tomás Iturriaga and María Loreto Anguita.