Simpson Thacher Represents Equatorial Energia S.A. in Initial Equity Offering
04.26.06
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Simpson Thacher recently represented Equatorial Energia S.A. (“Equatorial”) and its controlling shareholders, Pactual and GP Investimentos, in Equatorial’s initial equity offering of common shares that closed on April 10, 2006. The transaction raised the U.S. dollar equivalent of approximately US$223 million in proceeds of which US$89 million related to a primary portion and US$130 million related to a secondary portion. The common shares were offered to the public in Brazil, with selling efforts to qualified institutional buyers in the United States under Rule 144A and to non-U.S. persons in Europe under Regulation S.
Equatorial is a holding company focused on the electricity distribution business in the North, Northeast and Center-West regions of Brazil. Its controlled shareholders, Pactual and GP Investimentos, are two of the major Brazilian equity firms. Since December 2005, the firm has closed five "Brazilian IPOs" (with 144A/Reg S offering outside of Brazil) in which it has represented the issuer.
The Simpson Thacher team for the transaction consisted of Jaime Mercado, Todd Crider, Grenfel Calheiros and Gonçalo Godinho (corporate), and Jonathan Cantor and Sean Austin (tax).