Conyers Dill & Pearman (Cayman) Limited provided Cayman law advice to Enersis S.A. (NYSE: ENI, SSE: ENERSIS) in relation to the indirect acquisition of shares in Generandes Perú S.A., the company that controls Edegel S.A.A., for $413 million. The acquisition included the entire issued share capital of a Cayman Islands exempted company (which in turn has four subsidiaries, three of which are Cayman Islands exempted companies and one which is a Peruvian company) and the subsequent migration of all the Cayman Islands exempted companies to Peru.
The indirect acquisition will see Enersis increase its economic share of Edegel S.A.A from 37.5% to 58.6. Edegel S.A.A. currently has 1,524 MW of installed capacity in the Peruvian electricity generation market. Additionally, Enersis directly controls 96.5% of the Empresa Eléctrica de Piura (Eepsa). Through its two subsidiaries, Enersis has an installed capacity of 1,832 MW, which, at the first half of 2014, represented about 23% of Peru’s installed electricity generation capacity.
Kevin Butler and Daniel Woolston based in Conyers’ Cayman office advised Enersis S.A. on the matter, working alongside Chadbourne & Parke LLP.