Thursday, 02 August 2018 09:58

Posse Herrera, Milbank advise on Grupo Energía Bogotá shares sale

Posse Herrera Ruiz and Milbank advised the city of Bogotá in the offer and sale of a 10.6% of the shares it owned in energy company Grupo Energía Bogotá.

grupoenergiabogotaGrupo Energía Bogotá is the Colombian power company formerly known as Empresa de Energia de Bogotá. Founded in 1896 to provide electricity to the Colombian capital and beyond, the company is now a multinational in the sector of electrical power and natural gas with presence in Colombia, Peru, Guatemala and Brazil

The sales of shares was structured and developed in two phases. The first phase, which closed on April 5, was aimed at the solidarity sector under preferential conditions and raised approximately $13 million. The second phase,  which closed on July 31, consisted in a public offering in Colombia and an international offering. This global offering raised approximately $669 million. 

The city and Grupo Energía called upon Posse Herrera Ruiz for both phases. The team advising on the first phase was led by partners Jaime Herrera and Óscar Tutasaura. For the second phase, partner Mariana Posse joined Herrera and Tutasaura on a lead role. 

The sellers instructed Milbank for international counsel through the second phase. Partner Carlos Albarracín led the Milbank lawyers working on the deal. 

Alonso Miranda, a partner at Estudio Echecopar - Member Firm of Baker McKenzie International, led the team advising the sellers under Peruvian law. 

Merrill Lynch, BTG Pactual, Inverlink and BTG Pactual US Capital were the banks involved in the second phase. 

The banks instructed Gómez Pinzón in Colombia, led by partner Ricardo Fandiño; White & Case in the US, led by partners Mark Bagnall and Bibiana Jaimes; as well as Garrigues in Peru, led by partner Oscar Arrús

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