State Grid’s $3 Billion Acquisition of Compania General de Electricidad

Paul, Weiss and Claro & Cia advised State Grid International Development Limited. Guerrero Olivos advised Grupo Naturgy and Compañía General de Electricidad (CGE) S.A.

China-based utilities company State Grid International Development Limited executed its $3.04 billion acquisition of Compania General de Electricidad S.A. (CGE) from Naturgy Energy Group S.A.

The acquisition will include Naturgy Energy’s 96 percent holding in CGE, the largest distribution network and second-largest transmission network in Chile. This is the largest transaction signed in Chile this year, and State Grid’s second major recent acquisition in Chile; a $2.23 billion transaction, on which Paul, Weiss also advised, closed in June.

The Paul, Weiss team included corporate partner Judie Ng Shortell (Picture) and antitrust counsel Marta Kelly.

Claro & Cia. advised State Grid with a team including Rodrigo Ochagavía, Ariel Mihovilovic, Santiago Bravo, Patricio Smart, Carmen Luz Chavarría, María Jesús Muñoz and Juan Pablo Celis.

Guerrero Olivos advised Grupo Naturgy and Compañía General de Electricidad (CGE) S.A. with Macarena Ravinet, Josefina Yávar, Tomás Kubick, César Gálvez, Juan José García, Pilar Illanes, Antonia Namur, Josefina Sánchez and Magdalena Urquidi.

Involved fees earner: Santiago Bravo – Claro y Cia; Carmen Luz Chavarría – Claro y Cia; Juan Pablo Celis – Claro y Cia; Ariel Mihovilovic – Claro y Cia; María Jesús Muñoz – Claro y Cia; Rodrigo Ochagavía – Claro y Cia; Patricio Smart – Claro y Cia; César Gálvez Tobar – Guerrero Olivos; Tomás Kubick – Guerrero Olivos; Macarena Ravinet – Guerrero Olivos; Josefina Yávar Celedón – Guerrero Olivos; Marta Kelly – Paul Weiss Rifkind Wharton & Garrison; Judie Ng Shortell – Paul Weiss Rifkind Wharton & Garrison;

Law Firms: Claro y Cia; Guerrero Olivos; Paul Weiss Rifkind Wharton & Garrison;

Clients: Compañía General de Electricidad (CGA); Naturgy Energy Group S.A. ; State Grid International Development;

Author: Ambrogio Visconti