Milbank LLP represented Sociedad Transmisora Metropolitana SpA, a wholly-owned subsidiary of Inversiones Grupo Saesa, Chile's largest power distribution company, in connection with its $1.1 billion dual-currency secured syndicated acquisition loan to partially finance its $1.5 billion acquisition of Enel Transmisión Chile S.A. The acquisition, which was structured as a privately negotiated share acquisition and a concurrent public tender offer on the Chilean Stock Exchange (Bolsa de Comercio de Santiago, Bolsa de Valores), closed on December 9.
Enel Transmisión Chile S.A. is a leading electric power transmission company in Chile that owns and operates 683km of transmission lines and operates 60 substations, serving the Santiago metropolitan area.
Inversiones Grupo Saesa is a vertically integrated power generation, distribution and transmission company jointly controlled by Ontario Teachers' Pension Plan (OTPP) and Alberta Investment Management Corporation (AIMCo).
The Milbank deal team was led by Global Capital Markets partner Carlos Albarracín and included associates Andres Osornio, Alyssa Julian, Fernando Quezada and Agustin Videla. The team also included Global Corporate partner Francisco Nuñez, Alternative Investments partner John Williams, as well as special counsel Elizabeth Martinez and associates Devan Zorn and Serge Holodny.
Mr. Albarracín said, “We are pleased to have advised Inversiones Grupo Saesa on this landmark transaction. Inversiones Grupo Saesa has been growing its footprint in Chile’s power sector and we believe this transaction will help consolidate its position and commitment to continue playing a key role in Chile’s power sector. The transaction structure was complex and innovative and we are honored to have played a key role in it.”
