China State Grid’s $3.6 billion Acquisition of CPFL Energia

Veirano Advogados, Souza, Cescon, Barrieu & Flesch and Sullivan & Cromwell advised on the deal

State Grid Corp of China, China’s biggest utility, finalized the OPA on the remaining shares in Brazilian power group CPFL Energia SA.

State Grid is expanding its business globally with acquisitions across the world. Currently, it has invested in Italy, the Philippines, Brazil, Portugal and Australia.

State Grid runs nearly 7,000 kilometers of transmission line in Brazil, according to Brazil’s local media. In addition, another 6,600 kilometers are under construction.

State Grid, which distributes electricity to 1.1 billion people, had a profit of 86.6 billion yuan ($13.1 billion) on revenue of 2.09 trillion yuan in 2016

Veirano advised State Grid Brazil Power Participações Ltda. with Alberto Bragança (Picture), Carlos Lobo, Julio Dubeux, Lior Pinsky, Bruno Sousa, Roberta de Carolis, Pedro Salgueiro Figueiredo and Vitor Rozenthal.

Sullivan & Cromwell advised State Grid Brazil Power Participações Ltda. with Werner F. Ahlers, Sergio J. Galvis, Kiran S. Kadekar, Alexander L. Smorczewski and Renata Mascarenhas.

Souza, Cescon, Barrieu & Flesch advised Banco Santander Brasil with Carlos Augusto Junqueira, Joaquim Oliveira, María Cristina Cescon, Luciana Mares, Mariana Borges, Eduardo Brito, Renata Oliveira and Thenard Figueiredo.

 

Involved fees earner: Renata Afonso Wanderley de Oliveira – Souza, Cescon, Barrieu e Flesch; Maria Cristina Cescon – Souza, Cescon, Barrieu e Flesch; Carlos Augusto Junqueira de Siqueira – Souza, Cescon, Barrieu e Flesch; Joaquim José Aceturi de Oliveira – Souza, Cescon, Barrieu e Flesch; Luciana de Castro Mares Torres – Souza, Cescon, Barrieu e Flesch; Mariana Rodrigues Machado Borges – Souza, Cescon, Barrieu e Flesch; Eduardo Figueira de Brito – Souza, Cescon, Barrieu e Flesch; Thenard Antunes Figueiredo – Souza, Cescon, Barrieu e Flesch; Alberto de Orleans e Bragança – Veirano Advogados; Carlos Lobo – Veirano Advogados; Julio Dubeux – Veirano Advogados; Bruno Ramos de Sousa – Veirano Advogados; Roberta De Carolis – Veirano Advogados; Pedro Salgueiro Figueiredo – Veirano Advogados; Vitor Rozenthal – Veirano Advogados; Werner Ahlers – Sullivan & Cromwell; Sergio Galvis – Sullivan & Cromwell; Kiran Kadekar – Sullivan & Cromwell; Renata Mascarenhas – Sullivan & Cromwell; Alexander Smorczewski – Sullivan & Cromwell;

Law Firms: Souza, Cescon, Barrieu e Flesch; Veirano Advogados; Sullivan & Cromwell;

Clients: State Grid Corporation of China (SGCC); Banco Santander Brazil;

 

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Author: Ambrogio Visconti.