Neoenergia S.A.’s $977 Million Initial Public Offering

Davis Polk advised the respective agents of the Brazilian underwriters in connection with Neoenergia S.A.’s initial public offering of 239,251,040 common shares for an aggregate amount of R$3.7 billion (approximately $977 million).

The common shares trade on the B3 S.A. – Brasil, Bolsa, Balcão (São Paulo Stock Exchange). Common shares sold in the international offering were placed under Rule 144A and Regulation S.

Headquartered in Rio de Janeiro, Brazil, Neoenergia is Brazil’s largest private power distributor, operating in the segments of generation, transmission, distribution and trading, responsible for supplying electric power to 34 million people, around 20% of the Brazilian population. It has an installed capacity of 4.6 gigawatts (GW) and a concession area that extends to approximately 840 thousand square kilometers and covers about 1,000 municipalities in 18 Brazilian states.

The offering was managed by the investment banking units of JPMorgan Chase & Co, Bank of America Corp and Banco do Brasil

The Davis Polk corporate team included Manuel Garciadiaz (Picture), Konstantinos Papadopoulos, Elliot M. de Carvalho and Hugo Casella. The tax team included Patrick E. Sigmon.

Involved fees earner: Hugo Casella – Davis Polk & Wardwell; Elliot de Carvalho – Davis Polk & Wardwell; Manuel Garciadiaz – Davis Polk & Wardwell; Konstantinos Papadopoulos – Davis Polk & Wardwell; Patrick Sigmon – Davis Polk & Wardwell;

Law Firms: Davis Polk & Wardwell;

Clients: Banco do Brasil; Bank of America; JPMorgan Chase & Co.;

Author: Ambrogio Visconti.