Torys LLP in New York and Baker McKenzie (Colombia) in Bogotá have helped Canadian private equity group Brookfield obtain financing for its majority stake acquisition of Gas Natural Fenosa’s (GNF) Colombian business.
Philippi Prietocarrizosa Ferrero DU & Uría (Colombia) advised the banks for the deal. The first disbursement was made on 7 June. Milbank, Tweed, Hadley & McCloy LLP is also thought to have advised the banks, but this could not be confirmed prior to publication. The value of the financing has not been disclosed.
The deal comes less than a month after Brookfield acquired an additional 41.9% share in the target following a public tender, which is obligatory under local law when buying a majority stake in a public company. This adds to the 17% Brookfield bought in December.
Brookfield has also sold assets in the region recently. It completed the sale of its 27.8% stake in Chilean electricity transmission business ETC Transmission Holdings for US$41.3 billion on 15 March.
The target company Gas Natural provides gas energy to 90% of Colombia’s population.
Counsel to Brookfield
Partner Jonathan Wiener and associate Clint Monteith in New York
Baker McKenzie (Colombia)
Director Ricardo Trejos and associates Sebastián Luque, Paola González, Daniel Botero and Felipe Sanclemente in Bogotá
Counsel to Sumitomo Mitsui, Export Development Canada, Scotiabank, Itaú and Fiduciaria Colpatria
Philippi Prietocarrizosa Ferrero DU & Uría (Colombia)
Partner Juan Fernando Gaviria and associates María Camila Quintero, Stefania Olmos, Beatriz Albors, Ana María Ramírez and Daniela Duque in Bogotá