Private equity firm Blue Water Advisors fully exited Peruvian electricity provider Electro Dunas Energía through a public tender offer on the Lima Stock Exchange. Grupo Energía Bogotá purchased 100% of the shares. Financial terms of the transaction were undisclosed.
(Press Release) Grupo Energía Bogotá S.A. E.S.P. (“GEB”) and Blue Water Worldwide LLC, a fund managed by Blue Water Advisors LP (“Blue Water”), announced today that Electro Dunas Cayman Holdings Ltd., a subsidiary of Blue Water, had completed the transfer to GEB of 100% of the shares of Dunas Energía S.A.A. (“DESAA”), a company listed in the Lima Stock Exchange, through a public tender offer in the Lima Stock Exchange. DESAA owns 99.96% of the shares of Electro Dunas S.A.A.
In addition, GEB and Blue Water announced that GEB had completed the acquisition of 100% of the shares of PPC Peru Holdings S.R.L. and Cantalloc Peru Holdings S.R.L. from PPC Cayman Holdings, a subsidiary of Blue Water.
Company Description
The Electro Dunas Group is a group of companies (DESAA, PPC Peru Holdings S.R.L., and Cantalloc Peru Holdings S.R.L., and their respective subsidiaries) whose principal activity is the distribution and commercialization of electricity in the Ica region as well as part of the Huancavelica and Ayacucho regions of Peru. Electro Dunas serves approximately 240,000 customers, and it has the highest quality of service indicators of any electricity distribution utility in Peru. The group also provides distributed generation solutions as well as construction, operation, and maintenance services for power infrastructure and equipment.
Advisors
Credit Suisse served as Blue Water’s financial advisor. Simpson Thacher & Bartlett LLP and Santivañez Abogados served as Blue Water’s U.S. and Peruvian legal counsel, respectively. Zuzunaga Assereto & Zegarra Abogados served as Blue Water’s Peruvian tax advisor.
Credicorp Capital served as GEB’s financial advisor and Philippi, Prietocarrizosa, Fererro DU & Uría and Estudio Rubio Leguía Normand as legal counsel. Calden advised GEB on regulatory and commercial matters and Mott MacDonald on technical issues. KPMG served as GEB’s tax advisor.
Kallpa Securities Sociedad Agente de Bolsa S.A. served as intermediary agent of GEB and Blue Water.
About Grupo Energia Bogotá
With more than 120 years of history, Grupo Energía Bogotá (GEB) is a leading energy group in the region, listed in the Colombian stock exchange and with presence in Colombia, Peru, Brasil and Guatemala. Its main activities include electricity generation, transmission and distribution and natural gas transportation and distribution. In Peru it is the leading natural gas distributor through its investments in Calidda and Contugas and is present in the largest electricity transmission companies in the country, ISA REP and ISA Transmantaro with a 40% stake.
About Blue Water Advisors
Blue Water Advisors LP is a private equity firm focused on acquiring and developing real asset-based businesses. In addition to flexible, long-term capital, the firm leverages its technical expertise in its acquisitions and to drive long-term value creation. Blue Water’s management team possesses significant experience in acquiring, developing, and operating real asset-based businesses and have partnered with world class executives and entrepreneurs to build platform companies that are leaders in their respective markets. For more information, please visit: www.bwalp.com.
Blue Water Worldwide LLC is a fund managed by Blue Water Advisors LP.