Hdz & Cía advises Grupo Andino on incorporation on a European stock exchange
Hernández & Cía has advised Grupo Andino in the execution of its plan to move the holding entity of the group to Europe and its incorporation in one of the main European stock exchanges.
As part of this plan, in a first phase, the main shareholders of Andino Investment Holding (AIH), including the Vargas Loret de Mola family, negotiated and executed the incorporation of what would become the holding company of the group, Andino Inversiones Global, in Spain. This was in order to consolidate the majority shareholding of AIH in Andino Inversiones Global, by means of a share exchange operation, bringing more than 10 shareholders of AIH to form part of the joint majority shareholding in the Spanish holding company.
This share exchange meant that Andino Inversiones Global became the individual majority shareholder of AIH, holding more than 50% of its shareholding, through a complex and legally novel operation in the Peruvian market as it was an atypical over-the-counter operation.
Following the transfer of AIH’s shareholding to Spain, Andino Inversiones Global launched a voluntary tender offer (OPA) for 2.776% of AIH’s shareholding, and also with a view to signalling to AIH’s minority shareholders that they can become shareholders in Spain, in order to consolidate its position as a holding company.
In a third phase, Andino Inversiones Global has listed its shares on Euronext Access +, a segment of the Paris Stock Exchange with which Grupo Andino will consolidate its internationalisation and expansion into Europe, gaining access to a more liquid and sophisticated market.
With this operation, Grupo Andino leads a segment of Peruvian companies that have been able to access highly sophisticated foreign markets with a view to future business expansion.
Thomás De Carranza acted as counsel to Grupo Andino in Spain through partner Cristina Simon and associate Cristina Oriol.
Hdz & Cia’s team was led by partners Juan Luis Hernández (pictured left) and Sandro Cogorno (pictured right), assisted by senior associate Gloria Zubizarreta, and associates María Alejandra Justo and Rafaela Chumpitazi.
