Spain’s Repsol sells another stake in Gas Natural.
LATIN LAWYER
Private equity outfit CVC Capital Partners has hired Pérez-Llorca in Madrid and New York as lead counsel for its acquisition of a 20% stake in Gas Natural Fenosa from Spanish oil and gas company Repsol in a €3.82 billion (US$4.7 billion) global deal involving multiple Latin American jurisdictions.
CVC also relied on Garrigues in Madrid for tax matters. Repsol relied on Uría Menéndez in Madrid. The deal was signed on 22 February.
The acquisition was made through a special purpose vehicle named Rioja Bidco Shareholdings, which is majority-controlled by CVC. CVC’s minority-interest co-investo Spanish Corporación Financiera Alba, relied on Clifford Chance LLP in Madrid. Linklaters in Madrid is also thought to have helped the buyers, but its counsel could not confirmed prior to publication.
In Latin America, the company hired Beccar Varela in Buenos Aires; Brigard Urrutia and Muñoz Tamayo and Associados in Bogotá; Carey in Santiago and Mattos Filho Veiga Filho, Marrey Jr e Quiroga Advogados in São Paulo. Arias, Fábrega & Fábrega in Panama City and Galicia Abogados in Mexico City are also thought to have he but this could not be confirmed prior to publication. In Colombia, Muñoz Tamayo provided due diligence and litigation advice, while Brigard gave regulatory counsel.
CVC holds a 75% interest in Rioja Bidco, while Alba holds the rest. Gas Natural is one of the largest gas and electricity companies in Spain and Latin America, with an installed capacity of 15.4 gigawatts as of 2016 and 22 million custo The company has assets in Argentina, Brazil, Chile, Colombia, Costa Rica, Mexico, Panama, Peru, and the Dominican Republic.
According to Reuters, Repsol may use the proceeds to further cut debt. Repsol has focused on cost reduction in recent years to improve its balance sheet, resulting in recent credit rating upgrades. In September 2016, Repsol sold another 10% of Gas Natural.
Seguir leyendo:
