Shearman & Sterling advised global private equity investment firm TPG on its acquisition of Abengoa S.A.’s (“Abengoa”) operating electricity transmission line assets in Brazil for approximately R$482.5 million. The assets consist of seven brownfield transmission lines totaling 3,532 km across 10 states in Brazil. This acquisition represents TPG’s first infrastructure investment in the country.
Shearman & Sterling assisted TPG in the in the entire acquisition process, consisting of the negotiations and submission of a binding offer letter, execution of the definitive documentation, including a share purchase agreement after approval of Abengoa’s creditors and ratification by the Brazilian bankruptcy court overseeing Abengoa’s selling entities’ judicial reorganization process in Brazil, and closing of the transaction.
TPG is a leading private investment company with over US$72 billion of assets under management and specializes in leveraged buyouts, restructurings, growth capital and leveraged recapitalization in various industries including energy, infrastructure, healthcare, technology and others.
Abengoa is a Spanish multinational company that focuses on innovative technology solutions for sustainability in the energy and environment sectors.