I Squared Capital’s $1.2 Billion Acquisition of IC Power

Norton Rose Fulbright, Consortium Legal, Carrillo & Asociados , Ernst & Young, Espino Nieto & Asociados, FERRERE, Guerrero Olivos, Jiménez Cruz Peña, Rodrigo, Elías & Medrano, Skadden, Arps, Slate, Meagher & Flom, Carey, Miranda & Amado and Sullivan & Cromwell advised on the transaction

I Squared Capital, through its ISQ Global Infrastructure Fund II, has entered into an agreement to acquire the Latin American and Caribbean businesses (the “LatAm Businesses”) of Inkia Energy Limited, a wholly-owned subsidiary of IC Power Ltd. (“IC Power”). The transaction includes only the LatAm Businesses. IC Power’s Israeli asset, OPC Energy Ltd., is not being sold as part of the transaction.

One of the largest independent power producers in Latin America, Inkia has a highly contracted portfolio of approximately 3.4 gigawatts of gross installed capacity in nine countries, with a fleet of highly efficient hydroelectric, wind and thermal facilities across the region. The company also owns an electricity distribution company servicing approximately 1.7 million customers. Headquartered in Lima, Inkia is the second largest power producer in Peru (based on installed capacity).

Credit Suisse acted as advisors to I Squared Capital. Bank of America Merrill Lynch advised Kenon Holding. The sale is expected to close in the coming months, subject to customary closing conditions and approvals.

I Squared Capital is an independent global infrastructure investment manager focusing on energy, utilities, telecommunications and transport in the Americas, Europe, and select high growth economies. The Firm has offices in New York, Houston, London, New Delhi, Hong Kong and Singapore.

Norton Rose Fulbright advised I Squared Capital with William Cavanagh, Brian Greene, Marwan Azzi, Charlie Hord, Richard Wright, David Finkelstein, Jennifer Huh and Patrick Narvaez.

In Managua Consortium Legal advised I Squared Capital with Rodrigo Taboada, Carlos Taboada, Darliss Gordon, Bertha Xiomara Ortega, Carlos Castrillo, Silvio Arguello, Yahoska Melendez, Maria Lizeth Prado, Queenie Bendaña, Ana Carolina Alvarez and Ulises Tapia.

In Guatemala, Carrillo & Asociados advised I Squared Capital with Rodolfo Alegría, Melida Pineda, Pamela Arrechea, Axel Beteta and Maria Lourdes Villanueva.

In Perù, Ernst & Young Global Limited advised I Squared Capital with Fernando Tori and Edwin Sarmiento.

In El Salvador, Espino Nieto & Asociados advised I Squared Capital with Rafael Mendoza and Daniel Olmedo.

In Paraguay, FERRERE advised I Squared Capital with Carlos Pinto, Lindsay Sykes, Mattias Garrón, María René Suarez, Delma Paz, Estefanía Paz and Yomara Ardaya.

In Chile, Guerrero Olivos advised I Squared Capital with Juan Enrique Allard, Sebastián Abogabir, Benjamín Pérez, Miguel Coddou, Jaime Barahona and Macarena Toro Aguirre.

In Santo Domingo, Jiménez Cruz Peña advised I Squared Capital with Katherine Rosa, Marcos Peña, Ricardo González, Jennifer Beauchamps and Gisselle Valera.

In Perù, Rodrigo, Elías & Medrano Abogaos advised I Squared Capital with Luis Enrique Palacios, José Talledo, Jorge Trelles, Nicoláss Cornejo, Soleil Castro, Mariana Delgado, José Diego Ruiz Huidobro, Mariana González-Prada, Sergio Silva, Alejandro Araujo and Diego Price.

Skadden, Arps, Slate, Meagher & Flom advised Kenon Holdings with Scott Simpson (Picture), James McDonald and Pankaj Sinha.

In Chile, Carey advised Kenon Holdings with Pablo Iacobelli, Patricia Silberman, Josefina Marshall and Carolina Said.

In Perù, Miranda & Amado advised Kenon Holdings with Luis Marcelo De-Bernardis, Armando Corrales, Anahí Pazos Aramburú and José Miguel Mazuré.

Sullivan & Cromwell advised Bank of America Merrill Lynch with Stephen M. Kotran, Kathy X. Wang and So Yeon Kim.

 

Involved fees earner: Marwan Azzi – Norton Rose Fulbright; Charles E. Hord III – Norton Rose Fulbright; David Finkelstein – Norton Rose Fulbright; Jennifer Hyunna Huh – Norton Rose Fulbright; Patrick Narvaez – Norton Rose Fulbright; Brian Christopher Greene – Norton Rose Fulbright; William Cavanagh – Norton Rose Fulbright; Richard Wright – Norton Rose Fulbright;

Law Firms: Norton Rose Fulbright;

Clients: I Squared Capital Advisors, LLC;

 

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Author: Ambrogio Visconti