White & Case Advises Sempra Energy on US$2.23 Billion Agreement to Sell Chilean Businesses, including Chilquinta Energia S.A.
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Global law firm White & Case LLP has advised Sempra Energy on an agreement to sell its equity interests in its Chilean businesses, including its 100 percent stake in Chilquinta Energía S.A., to State Grid International Development Limited (SGID). Sempra Energy's interests will be sold for US$2.23 billion in cash, subject to adjustments for working capital, net indebtedness and other adjustments. The sale is expected to be completed in the first quarter of 2020, subject to customary closing conditions, including approval by the Chilean anti-trust authority, certain Chinese regulatory approvals and approval by the Bermuda Monetary Authority.
White & Case had also represented Sempra Energy in the sale of its equity interests in its Peruvian business, including its 83.6 percent stake in Luz del Sur S.A.A., to China Yangtze Power International (Hongkong) Co., Limited. That sale, which was announced in September, is also expected to be completed in the first quarter of 2020, subject to customary closing conditions, including approval by the Peruvian anti-trust authority and the Bermuda Monetary Authority.
In combination, these transactions would conclude Sempra Energy's planned sale of its South American businesses for combined proceeds of approximately $US5.82 billion in cash, subject to adjustments and satisfaction of their closing conditions.
The White & Case team that advised on the transaction was led by partners Thomas Lauria and Marwan Azzi, and included partners Greg Pryor, Michael Deyong, David Dreier, Henrik Patel, Arlene Arin Hahn, Damien Nyer and Seth Kerschner, as well as associates Jason Krause, Caelah Nelson, Arian Mossanenzadeh and Grayson Weeks in New York; associate Stephanie Ma in London; and partner Vivian Tsoi in Shanghai.
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