Argentina: Bruchou & Funes de Rioja acted as legal advisor to Central Puerto in a transaction with Enel
Bruchou & Funes de Rioja acted as legal advisors to Central Puerto ("CEPU") in the purchase by CEPU of Enel Argentina S.A. and Enel Américas S.A.'s (collectively, "Enel") participation in (i) Enel Generación Costanera S.A., and (ii) Inversora Dock Sud S.A. and Central Dock Sud S.A.
The purchase of 75.68% of the share capital and votes of Enel Generación Costanera S.A. by Proener S.A.U., a subsidiary of CEPU, was signed and closed on February 17, 2023. The acquisition of control of Enel Generación Costanera S.A. will require, as well, the launching of a public tender offer for the remaining shares of Enel Generación Costanera S.A.
Furthermore, on February 17, 2023, Proener S.A.U. and Enel also entered into a stock purchase agreement, by means of which, subject to the satisfaction of certain conditions precedent: (i) Enel Américas agreed to sell to Proener S.A.U. its interest in Inversora Dock Sud S. A. representing 57.14% of the capital stock and votes of such company, and (ii) Enel Argentina agreed to sell to Proener S.A.U. its interest in Central Dock Sud S.A. representing 0.24% of the capital stock and votes of such company. It is worth noting that Inversora Dock Sud S.A. has a controlling interest in Central Dock Sud S.A. representing 71.78% of the capital stock of the latter company.
CEPU, a public company listed in Bolsas y Mercados Argentinos S.A. (BYMA) and the New York Stock Exchange (NYSE), is one of the main power generators in Argentina.
Enel Americas S.A., a public company listed in the Chilean Stock Exchange, is one of the largest private power companies in Latin America, with an installed capacity of 15,993 MW at the end of September 2022, supplying more than 26.6 million customers.
Bruchou & Funes de Rioja advised CEPU through an interdisciplinary team led by members of the M&A team, including partner Mariano Luchetti and associates Nicolás Dulce, Stefania Ferro, Nicolas Yaryura Tobías and Manuela Bobrowski, with the support of Maria Lucila Winschel, Santiago Youssef Rameh El Chaer and Ezequiel Castello, from the corporate governance team, and Gabriel Lozano, from the antitrust team. Additionally, in relation to the public tender offer to be launched, CEPU was advised by partner José Bazan and associates Manuel Etchevehere and Facundo Martin Suarez Lon of the banking and capital markets team.
CEPU was also advised in-house by José Manuel Pazos, María Justina Richards and Juan Mateo Rollan.