STOA’s Minority Acquisition of Linha Uni

Willkie Farr & Gallagher and Stocche Forbes represented STOA in the transaction. Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga advised Acciona Concesiones S.L. and Concessionária Linha Universidade S.A.

STOA completed the acquisition of a 12.3% equity stake in Concessionária Linha Universidade S.A (Linha Uni), the project company to whom the São Paulo Metro Line 6 concession contract had been awarded and which was bought back by Acciona on October 6, 2020.

The São Paulo Metro Line 6 is the largest public-private infrastructure project under construction in Latin America, valued at €2.3 billion (R$15 billion).

Throughout the 5-year construction period, STOA is expected to invest approximately R$317 million into Linha Uni (€49 million). STOA is supporting the company and Acciona in the process of securing a non-recourse debt financing package from Brazilian and international banks in order to pursue the construction works of Line 6, which had been halted since 2016 and are now expected to be completed by 2025. After completion of the metro works, Linha Uni will oversee the operation and maintenance of the infrastructure for an additional 19-year period.

Acciona has the required technical expertise and vast experience in the development of urban mobility initiatives. Over the past few years, Acciona has built over 3,000 kilometers of railroad and metro track and 600 kilometers of tunnels. In Brazil, Acciona’s existing work includes the development of two batch for line 2 of the São Paulo metro network. In the rest of the Latin America region, the company has executed line 3 of the Santiago de Chile Metro and is close to completing the construction of line 1 of the Quito Metro.

STOA is a top-tier French investment player specialized in infrastructure and energy projects in developing and emerging countries. After two years of intense business development efforts across Latin America, São Paulo Metro Line 6 is STOA’s first public transportation project and STOA’s second investment in Brazil. It follows previous investments closed in countries including South Africa, Cameroon, Gabon, Malawi, Pakistan and India, for a total commitment of €300 million over a three-year period.

Once completed, São Paulo Metro Line 6 will serve more than 600,000 passengers per day. Line 6 will include 15 metro stations, running along a total of 15 kilometers. It will connect the center of the capital to the city’s northwest corner, crossing through several neighborhoods where some of São Paulo’s main universities are located.

At STOA, Marie-Laure Mazaud (Deputy CEO), Antoine Durand, Mathieu Lebegue, Laurence Marle and Amine Masnaoui were instrumental in the success of this major investment in the region.

Willkie’s cross-border team was led from Paris by partner Michaël Armandou (Picture) and included partner Jorge Kamine in Washington and, in Paris, partner Grégoire Finance and counsel Gil Kiener.

Stocche Forbes advised STOA with Frederico Cursino de Moura, Rafael de Almeida Rosa Andrade, Luísa Margotti de Carvalho Massara and Pedro Rocha Ferreira.

Mattos Filho, Veiga Filho,  Marrey Jr. e Quiroga advised Acciona Concesiones S.L. and Concessionária Linha Universidade S.A. with Marina Anselmo Schneider, Lauro Celidonio Gomes dos Reis, Marcelo Sampaio Góes Ricupero,  Renato Villaca Di Dio, Cristina Rangel Maciel, Giovanna de Cristofaro, Renata Caied and Patrícia Mutti.

Involved fees earner: Luísa Margotti de Carvalho Massara – Azevedo Sette Advogados; Marina Anselmo Schneider – Mattos Filho Veiga Filho Marrey Jr & Quiroga; Renata Caied – Mattos Filho Veiga Filho Marrey Jr & Quiroga; Lauro Celidônio Gomes dos Reis Neto – Mattos Filho Veiga Filho Marrey Jr & Quiroga; Patrícia Mutti e Mattos – Mattos Filho Veiga Filho Marrey Jr & Quiroga; Cristina Rangel Maciel – Mattos Filho Veiga Filho Marrey Jr & Quiroga; Marcelo Sampaio Góes Ricupero – Mattos Filho Veiga Filho Marrey Jr & Quiroga; Renato Villaça Di Dio – Mattos Filho Veiga Filho Marrey Jr & Quiroga; Frederico Cursino de Moura – Stocche Forbes Advogados; Rafael de Almeida Rosa Andrade – Stocche Forbes Advogados; Pedro Rocha Ferreira – Stocche Forbes Advogados; Michaël Armandou – Willkie Farr & Gallagher; Grégoire Finance – Willkie Farr & Gallagher; Jorge Kamine – Willkie Farr & Gallagher; Gil Kiener – Willkie Farr & Gallagher;

Law Firms: Azevedo Sette Advogados; Mattos Filho Veiga Filho Marrey Jr & Quiroga; Stocche Forbes Advogados; Willkie Farr & Gallagher;

Clients: Acciona Concesiones S.L.; Concessionária Linha Universidade SA; Stoa SA;