Milbank LLP advised OMERS Infrastructure on an agreement with partner Enagás Internacional (“Enagás”) to jointly sell their combined 80% interest in GNL Quintero S.A. (“GNLQ”), the largest liquefied natural gas terminal in Chile, to a consortium led by institutional investor EIG and Belgian energy infrastructure company Fluxys S.A.
Operating under high safety and performance standards, GNLQ is a leading terminal located in the Valparaiso Region, that is responsible for the reception, unloading, storage and regasification of liquified natural gas. GNLQ facilitates the provision of a reliable and consistent source of energy to households, commercial and industrial customers, power plants and other users located in central Chile, including Santiago.
Under the agreement, OMERS Infrastructure will sell 100% of its affiliate OMERS Infrastructure Chile Holdings I SpA, which owns a 34.6% interest in GNLQ. The remaining 45.4% interest in GNLQ will be sold by Enagás. The transaction is expected to close in the second half of 2022, subject to receipt of regulatory approvals.
The Milbank team was led by Global Corporate/M&A partner Dean W. Sattler and Global Corporate associate Ross Shepard. The team also included Leveraged Finance partner Michael Bellucci and associates Christina Sonageri and Adeola Adeyosoye.
