Grupo Energía Bogotá to Present Takeover Bid for Dunas Energía, ag Peruvian Electric Power Distribution Company
19 February 2019
Bogota D.C., February 19, 2019. Grupo Energía Bogotá S.A. E.S.P. (GEB) and Electro Dunas Cayman Holdings Ltd., a subsidiary of Blue Water Worldwide (BWW), a private equity fund based in New York, have reached an agreement whereby GEB commits to present a public takeover bid in the Stock Market of Lima for 100% of the stocks of Dunas Energía S.A.A. (DESAA), which in turn holds 99.96% of the stock of Electro Dunas S.A.A. Likewise, GEB and PPC Cayman Holdings, another BWW subsidiary, reached an agreement for the acquisition by GEB of 100% of PPC Perú Holdings S.R.L. and Cantalloc Perú Holdings S.R.L.
These agreements are subject to compliance with the usual terms and conditions of this kind of transactions including, among others, authorization by the National Institute for the Defense of Competition and Intellectual Property of Peru. On its part, the effective close of the acquisition of DESAA stocks will depend on the success of the public bid to be presented by GEB in the Stock Market of Lima to carry out such acquisition based on the subscribed agreement.
Both agreements followed a rigorous due diligence and analysis process by GEB and by a group of specialized consultants, including Credicorp Capital, for financial aspects; Philippi, Prietocarrizosa, Fererro DU & Uría and Estudio Rubio Leguía Normand for legal aspects; Calden for regulatory and commercial aspects; Mott MacDonald for technical aspects; and KPMG for fiscal aspects.
Once closed, this investment will represent an important move for GEB’s growth, crystallize its position as one of the main investors in the Peruvian energy sector, add value for its shareholders and open a new segment for the Group’s operation (electric power distribution and commercialization in Peru).
Grupo Electro Dunas
Grupo Electro Dunas (including Dunas Energía S.A.A., PPC Perú Holdings S.R.L., Cantalloc Perú Holdings S.R.L. and their respective subsidiaries) is a group of companies all dedicated to distributing and commercializing electric power in the Ica Department and partially in the Huancavelica and Ayacucho Departments in Peru. This Group supplies power to approximately 240,000 clients and holds the highest distribution service quality indicators in the country. In addition, the Group also carries out activities of distributed generation and construction, operation and maintenance services for electric infrastructure and equipment.
Grupo Energía Bogotá
With over 120 years of operations, Grupo Energía Bogotá (GEB) is a leading business group in the areas of electric power transmission and natural gas transport and distribution in Colombia, Peru, Brazil and Guatemala. In Colombia, it develops electric power projects through its Transmission Business. With TGI, it is currently at number 1 in natural gas transportation with over 4,000 Km in pipelines across the territory. GEB also possesses a market share in Codensa, Emgesa, Vanti and Emsa. In Peru, it stands as number 1 in natural gas distribution with its companies, Cálidda and Contugas. With ISA REP and ISA Transmantaro, where it owns a 40% share, it leads the field of electric power transmission. In Brazil, with Gebbras, it is partnered with Furnas and owns 1,100 Km in transmission lines. In Guatemala, it stands at number 1 in electric power transmission with Trecsa and Eebis.
Jacqueline Guevara Gil
External Communications Consultant