Milbank LLP represented Actis, a leading global investor in sustainable infrastructure, in connection with the agreement between Niagara Energy, a Peruvian company controlled by Actis, and Enel S.p.A subsidiaries Enel Américas S.A. and Enel Perú S.A.C., the latter controlled by Enel through the Chilean listed company Enel Américas, for the sale of all the equity stakes held by the Enel Group in power generation companies Enel Generación Perú S.A.A. and Compañía Energética Veracruz S.A.C. Specifically, the agreement establishes that Niagara Energy will acquire the stakes held by Enel Perú S.A.C. and Enel Américas S.A. in Enel Generación Perú’s share capital (equal to approximately 66.50% and 20.46%, respectively) as well as those held by Enel Perú in Compañía Energética Veracruz’s share capital (equal to 100%) for a total consideration of approximately $1.4 billion, equivalent to an overall enterprise value of approximately $2.1 billion.
The closing of the transaction, which is expected by the second quarter of 2024, is subject to certain customary closing conditions, including clearance from the competent Antitrust authority in Peru.
The Milbank team was led by Global Corporate/M&A partner and co-head of Milbank’s Global Infrastructure practice John Franchini, Global Corporate/M&A partner Aaron Stine and Global Project, Energy and Infrastructure Finance partner Roland Estevez. The team also included Global Corporate/M&A special counsel Ross Shepard and associates Douglas Howell, Christina Sonageri and Joysheel Shrivastava, as well as Global Project, Energy and Infrastructure Finance special counsel Tim Fitzpatrick and associates Sofia Duclaud and Chelsea Minuche and international associate Javier Vivas Treviño.
