PPU instructed on Borealis debut investment in Chile
Philippi, Prietocarrizosa Ferrero DU & Uría advised ENAP on the restructuring of the equity interest of GNL Quintero.
The deal paves the way for Borealis to acquire a 34.6% of the shares of the company.
GNL Quintero is the southern hemisphere’s first land-based terminal dedicated to the receiving, unloading, storage and re-gasification of up to 15 million cubic meters a day of liquefied natural gas). The terminal is located 160 km northwest of Santiago de Chile.
Borealis is the infrastructure investment manager of OMERS, one of Canada’s largest benefit pension plans, with over $85 billion in assets. The fund paid $360 million for the stake in GNL Quintero. Remaining shareholders include Enagás, one of the largest builders and operators of regasification plants and pipeline systems in the world and Empresa Nacional del Petróleo (ENAP), the Chilean state owned energy company.
The deal marks OMERS´ first direct infrastructure investment in Chile and the fund´s entry into South America.
ENAP designed the deal and acted as an arranger, assigning Borealis a call option rights for the acquisition of a 15% of the shares of GNL Quintero from Enagás and by liaising between the parties to revise the shareholders’ agreement and reinforce also the rights of minority shareholders in GNL Quintero S.A.
Partners Andrés Sanfuentes and Rafael Jiménez led the PPU team advising ENAP in Chile.
Borealis instructed Claro & Cia as Chilean counsel and Milbank as international counsel.
Enagas retained CMS Carey & Allende.