- Interconexión Eléctrica S.A. E.S.P (“ISA”) informs that, today 12/27/2016, has signed a Sales and Purchas Agreement ("Agreement") with Fundo de Investimento em Ações Taurus and Fundo de Investimento em Participações Coliseu (“Sellers”), by which ISA will acquire shares linked to the control block of the company Transmissora Aliança de Energia Elétrica S.A. (“TAESA”).
These shares represent 41.6% of the control block; 26.0% of ordinary shares; and 14.9% of TAESA's total share capital by a total amount of BRL 1,055 million, a price that will be subject to adjustments and amendments at the time of closing, according to the Agreement provisions.
When concluding the transaction, ISA will adopt the position previously occupied by the Sellers in the TAESA's control block. In addition, ISA will subscribe to the Shareholders Agreement together with Companhia Energética de Minas Gerais S.A. (“CEMIG”), maintaining the same rights and obligations currently allocated to the Sellers.
The operation was achieved after a rigorous due diligence process and a complete analysis carried out by ISA and a group of specialist advisors, such as Bradesco BBI (financial affairs), Soares Bumachar Chagas Barros Advogados (legal issues); and KPMG (as auditor).
ISA’s investment in TAESA, a high-quality operational asset and corporate governance, represents an essential transaction of sustainable growth for ISA, which is part of its expansion strategy; adds value to its shareholders and communities, as well as the consolidation of its position as a leading company in the power transmission sector in Latin America.
The effectiveness of this agreement is subject to the common terms and conditions of this type of transactions, including, among others, the Brazilian Government entities authorizations, such as Conselho Administrativo de Defesa da Concorrência (CADE) and Agência Nacional de Energia Elétrica (ANEEL).
TAESA is one of the leading private companies in the power transmission sector in Brazil. It has 33 concessions and approximately 11,000 km of energy transmission lines. In 2015, TAESA revenues reached BRL 1,578 million, EBITDA accounted BRL 1,414 million, and net income amounted to BRL 784 million. Since 2006, TAESA is listed in the Brazilian Stock Exchange (BM&FBOVESPA), with a governance level II and a BRL 6,952 million market capitalization as of 12/27/2016.
CEMIG is the largest integrated company in the Brazilian power sector, whose controller is the Minas Gerais State. Currently, CEMIG has 37 power concessions; 7.8 GW of capacity generation and over 500,000 km of energy distribution network. In 2015, CEMIG had revenues of BRL 21,292 million, EBITDA of BRL 4,932 million, and a net income of BRL 2,469 million. CEMIG is listed in the Stock Exchanges of Sao Paulo, New York, and Madrid, with a BRL 9,505 million market capitalization as of 12/27/2016.
Bernardo Vargas Gibsone
Interconexión Eléctrica S.A. E.S.P