Rolim assists CELG in sale to EDP BRASIL
Rolim, Viotti, Goulart, Cardoso Advogados advised Celg Transmissão in the sale to EDP Brasil
The law firm Rolim, Viotti, Goulart, Cardoso Advogados advised Celg Transmissão (Celg T), from Goiás, in its privatization auction, held yesterday (10/14/21) at B3 and won by EDP Brasil.
The winning bid was R$1.977 billion, more than 80% above the minimum value, which was R$1.097 billion. 100% of Celg T’s shares, owned by CelgPar, a wholly-owned subsidiary of the Goiás state government, were offered. The price should be corrected by the IPCA since March 31, 2021 until closing.
The value offered by EDP beat three other competitors in the dispute: Cymi Construções e Participações, which offered R$ 1.60 billion, a premium of 45.76%; MEZ Energia, with a bid of R$ 1.53 billion (premium of 39.84%); and ISA Cteep, which offered R$ 1.504 billion, a premium of 37.01%.
Celg-T has three transmission concessions. Altogether, its portfolio includes 755 kilometers of lines and 12 substations, which represent an annual revenue of approximately R$ 216.4 million. Celg T is the result of the split of Celg Geração e Transmissão (Celg GT).
The operation is subject to approval by ANEEL and CADE.
Partner Fabio Appendino (pictured) and associate Alessandra Torres coordinated the transaction, with the collaboration of partners Vitor Mello, Frederico Fonseca and Luis Gustavo Miranda.
EDP Brasil was advised by the law firm Cescon Barrieu.
