Milbank LLP represented Actis, a leading global investor in sustainable infrastructure, in connection with the acquisition by Niagara Energy, a Peruvian company controlled by Actis, of the equity stakes held by Enel S.p.A subsidiary Enel Perú S.A.C in Enel Generación Perú S.A.A. and Compañía Energética Veracruz S.A.C., for a total of approximately $1.3 billion, equivalent to an enterprise value of approximately $2.1 billion on a 100% basis. Specifically, Enel Perú sold to Niagara Energy the equity stakes it held in the share capital of Enel Generación Perú S.A.A. (equal to approximately 86.95%), within the framework of a full takeover bid launched by Niagara Energy, and in the share capital of Compañía Energética Veracruz S.A.C. (equal to 100%).
The transaction closed on May 9 following the fulfillment of the conditions set forth in the sale and purchase agreement, including clearance from the competent antitrust authority in Peru, and the consummation of the takeover tender offer.
The Milbank team was led by Global Corporate/M&A partner and co-head of Milbank’s Global Infrastructure practice John Franchini, Global Corporate/M&A partner Aaron Stine and Global Project, Energy and Infrastructure Finance partner Roland Estevez. The team also included Global Corporate/M&A partner Ross Shepard and associates Douglas Howell, Christina Sonageri, Joysheel Shrivastava and Justin Hill, as well as Global Project, Energy and Infrastructure Finance special counsel Tim Fitzpatrick and associates Sofia Duclaud, Louise Toledo Farias and Chelsea Minuche and international associate Javier Vivas Treviño.
