Leonardo Miranda, Ana Carolina Katlauskas Calil and Karin Yamauti

TozziniFreire advises on sale of 50% of Neoenergia

TozziniFreire advised on the sale of 50% of Neoenergia Transmissora 15 SPE (target) for R$ 1.2 billion, a transaction that will serve as an investment platform between Neoenergia and the GIC Group.

The closing of the transaction is pending and was signed on 25 April. Clifford Chance acted as international advisor to Neoenergia, while Stocche Forbes Advogados and Freshfields Bruckhaus Deringer acted as local and international advisors, respectively, to the buyer Warrington Investment.

As a condition precedent to closing, the following transmission companies of the Neoenergia Group will be contributed to the target: Neoenergia Jalapão Transmissão de Energia, Neoenergia Santa Luzia Transmissão de Energia, Neoenergia Dourados Transmissão de Energia, Neoenergia Atibaia Transmissão de Energia, Neoenergia Biguaçu Transmissão de Energia, Neoenergia Sobral Transmissão de Energia, Narandiba and Neoenergia Rio Formoso Transmissão e Energia.

The parties have also entered into a development agreement for the evaluation of joint participation in future power transmission auctions conducted by ANEEL, as well as for the potential acquisition by the GIC Group, via right of first offer, of a 50% interest in other power transmission assets, under construction or operational, of Neoenergia.

It is what the market calls a “platform deal”, a long-term partnership between two global giants, for exclusivity in power transmission investments in Brazil – transmission is the core sector of the energy transition and where the largest outlays are made.

Mariane Medeiros acted as in-house counsel to Neoenergia.

Stocche Forbes’ team relied on partners Bruno Bercito, Mariana Saragoça, Renato Stanley and Marco Saliba, and associates Edgard Schwery Neto, Lionel Visconti, Frederico Accon, Ana Clara Viola, Lara Santos and Michelle Baruhm.

Clifford Chance’s team included lawyers Thais Garcia, Carla Ruggero, Katerina Papacosma and Elisa Escobar.

TozziniFreire’s team comprised partners Leonardo Miranda (pictured left), Ana Carolina Katlauskas Calil (pictured centre) and Karin Yamauti (pictured right), and associates Erica Makiyama and Enzo Campolim.

L Giselle Estrada