Firm Represents Colombia’s Empresas Públicas de Medellín in Acquisition of Controlling Stake in Elektra Noreste, S.A. and Distribuidora de Electricidad Del Sur, S.A. de C.V.
01.21.11
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Simpson Thacher represented Empresas Públicas de Medellín, E.S.P. (“EPM”) in the acquisition of 51% of Elektra Noreste, S.A. (“ENSA”) and 86.41% of Distribuidora de Electricidad Del Sur, S.A. (“DelSur”). ENSA is the second largest distributor of electricity in Panama. DelSur is the second largest company in the business of energy transformation, distribution and commercialization in El Salvador. EPM is a government-owned company, Colombia’s largest public utility services company based on revenues and the second largest based on total assets.
The transaction is expected to close during the first semester of 2011. EPM was part of a consortium of buyers led by Spanish Iberdrola S.A., the world’s biggest clean-energy producer. In the aggregate the consortium has agreed to acquire 80% of AEI’s assets in Latin America for $4.8 billion.
The Simpson Thacher team includes: David Williams, Borja Marcos and Jorge Allende (M&A) and Jonathan Talansky (Tax).