Azevedo Sette Advogados has helped CEMIG subsidiary Transmissora Aliança de Energia Elétrica (TAESA) in the acquisition of Nordeste Transmissora de Energia and in its entry into a joint venture with Spanish energy company Abengoa.
The agreement was reached on 2 June with Barbosa Müssnich & Aragão advising Abengoa.
As well as controlling Nordeste Transmissora de Energia, TAESA, now holds a 50 per cent stake in the holding company, which controls four transmission companies. The total value of the deal is US$695 million.
“The negotiation of the shareholders agreement of the holding company was a challenging discussion,” says Barbosa Müssnich partner Amir Bocayuva Cunha. “Abengoa and TAESA intend to use this holding company as their vehicle for expanding their investments in the transmission electricity market.”
In an email to Latin Lawyer the Azevedo Sette lawyers add that the fact that CEMIG, an energy company mostly owned by the state of Minas Gerais, was TAESA’s parent company added complexity to the deal because “difficult questions regarding public law had to be dealt with”.
The deal is awaiting approval by Brazil’s antitrust tribunal, CADE, and energy regulator, ANEEL.
Counsel to Transmissora Aliança de Energia Elétrica
- Azevedo Sette Advogados
Partner Luis Ricardo Miraglia and associates Roberto Ribas Wilson, Lucas Martins Magalhães da Rocha and Bruno Vianna Espírito Santo
Counsel to Abengoa
- In-house counsel – Isabel Fernandes
- Barbosa Müssnich & Aragão
Partners Rafael Padilha Calábria and Amir Achar Bocayuva Cunha
Latin Lawyer, Wednesday, 15th June 2011 by Emiliano Mellino