Seven Seas Water has acquired the entire stake previously held in water business by SEMBCORP Industries in Panama. Sembcorp Industries’ wholly-owned UK subsidiary, Sembcorp Holdings Ltd, completed a sale-and-purchase agreement with an affiliate of Seven Seas to divest its entire stake in Sembcorp Investments Ltd, which wholly owns Aguas de Panama S.A.
The BVI buyer is an affiliate of Seven Seas Water Corporation, a portfolio company owned by investment funds managed by Morgan Stanley Infrastructure Partners. The gross consideration for the sale of equity shares was US$47 million and the consideration for the assignment of the shareholder’s loan was US$1.8 million. Aguas de Panama S.A. is a municipal water asset serving the Arraiján District in Panama under a 30-year concession that commenced in 2002.
Counsel Audrey Robertson and Associate Marcus Hallan of Conyers’s BVI office (who previously advised Seven Seas on its take-private in March 2020) advised Morgan Stanley Infrastructure Partners and Seven Seas Water on the matter, working alongside White & Case.