Rolim Goulart Cardoso advises CelgPar on sale in power sector
Rolim Goulart Cardoso advised Companhia Celg de Participações (CelgPar) on the sale of equity interests in four energy companies at a public auction held on the B3 stock exchange.
The stakes were sold for a total of BRL 222.7 million, representing an average premium of 19.6%.
Celg sold its shares in Firminópolis Transmissão and Lago Azul Transmissão to EDP Brasil; in Pantanal Transmissão to Órion Transmissão; in Energética Fazenda Velha to Hy Brazil Energia; and in Energética Corumbá III to Neoenergia. The transaction is subject to regulatory approvals and applicable preemptive and tag-along rights.
Lot A comprised 100% of the shares in Firminópolis Transmissão and Lago Azul Transmissão and had a minimum price of R$ 62.2 million, with the winning bid offering a premium of 34.46%. Lot B, referring to 49% of the shares of Pantanal Transmissão, was sold for R$ 43.1 million, a premium of 35.19%.
Lot C offered 20% of the shares of Energética Fazenda Velha and had Hy Brasil as the only interested party, offering the minimum price of R$ 8.7 million, i.e., there was no premium. Finally, Lot D offered 37.5% of the shares of Energética Corumbá III and was sold for the minimum price of R$ 91.8 million, with no premium.
With the completion of the sale process, CelgPar, a mixed-capital company controlled by the State of Goiás, will enter a “phase-out,” which is the process of gradually extinguishing or closing an activity, operation, or company, which may occur through sale, liquidation, or merger.
Rolim Goulart Cardoso relied on partners Fabio Appendino and Alessandra Torres, as well as attorney Matheus Agostinho.
