LatinFinance - May/June 2015 - 10

NEWS
EQUITY/M&A

Latin American companies stepped up acquisitions and divestments
in March and April, while new equity sales remained subdued.
By Eduardo García

Energized market
A string of acquisitions by
Colombian companies and
Petrobras' announcement
that it hopes to raise $13.7
billion from asset sales by the
end of 2016 headlined a busy
couple of months for mergers
and acquisitions bankers in
Latin America.
The Brazilian oil company's
divestment plan comes as it
focuses on cutting leverage.
It got to work straight away,
with its first sale - of Argentine
assets to Compañía General
de Combustibles for $101
million - in mid-March.
In another large-scale
announcement, Brazilian
private equity company 3G
Capital agreed to merge its
holdings in HJ Heinz with Kraft
Foods, in a deal that will create
one of the world's biggest food
companies.
In the energy sector,
Empresas Públicas de
Medellín bought 35.71% of
Brazilian electricity distributor
Taesa, for 1.53 billion reais ($501
million) from Participações
Coliseu. The Colombian utility
also agreed to buy Aguas de
Antofagasta (Adasa) for 596
billion Chilean pesos ($965
million) - its biggest acquisition
outside Colombia.
Empresa de Energía de
Bogotá took its first step into
the Brazilian market, buying
51% of four power transmission
concessions for $170 million.
Another Colombian, Grupo
Argos, bought a 24.8% stake
in Odinsa for 462 billion

10 L ATINFINA NCE.COM - May/June 2015

Colombian pesos ($186 million)
and said it intends to buy a
further 20% to 25% in the
engineering company through
a public offer.
The Colombian government
resumed the sale of its 57.6%
stake in Isagen in March, after
postponing the privatization
process in August. China's
Huadian, France's GDF Suez,
Spain's Gas Natural, Canada's
Brookfield Asset Management
and Chile's Colbun are set to
present offers in an auction on
May 19.
Norway's Statkraft bought
a 98.18% stake in Chilean
hydropower generator
Pilmaiquén for 151.6 billion
Chilean pesos through a
public offer. Mexican tortillamaker Gruma bought Azteca
Foods Europe for €45 million
($48 million). Azteca makes
prepared foods and has a
factory in Spain and sells
its products in 19 European
countries as well as in the
Middle East and North Africa.
And BlackRock and First
Reserve agreed to buy a 45%
stake in the Los Ramones II
gas pipeline project in Mexico
for $900 million.

Equity calling

Latin America's equity markets
have been volatile and outflows
from equity funds have shown
little sign of subsiding. Yet,
Telefônica Brasil, known
as Vivo, raised 15.8 billion
reais ($5.37 billion) through
a follow-on sale in late April,

M&A rank by volume, year to April 30
Rothschild, BTG stand apart
Rank

Advisor

1
2
3
4
4
6
7
8
9
10

Rothschild
BTG Pactual
Credit Suisse
UBS
Deutsche Bank
JPMorgan
Goldman Sachs
BofA Merrill Lynch
Morgan Stanley
Barclays
Total

Value ($m)

No. Deals

10,391
7,143
3,997
3,518
3,518
3,074
1,962
1,658
1,043
885

4
8
4
2
1
4
3
5
5
2

25,140

447

Source: Dealogic

in an encouraging sign for
the market. Parent company
Telefonica, of Spain, bought
most - 12.06 billion reais - of
the deal, which will be used to
fund Vivo's $10bn acquisition of
broadband provider GVT.
Others planted their own
flags. Mexican real estate
company Grupo Gicsa
unveiled plans to raise 9 billion
pesos ($585 million) through
an IPO, and mandated Morgan
Stanley as global coordinator
and bookrunner, Banorte Ixe
and Actinver as bookrunners
and Vector Casa de Bolsa as
co-leader.
Housing developer Javer
is also readying a debut in the
Mexican stock exchange. It

wants to raise up to 5 billion
pesos ($330 million), excluding
over-allotment options,
and it has mandated Bank
of America-Merrill Lynch,
BTG Pactual, Credit Suisse,
Evercore Casa de Bolsa and
Santander for the possible
transaction.
Unifin is also held
preliminary meetings in
March to gauge investor
appetite for a possible IPO. It
has appointed Credit Suisse
as global coordinator, and
Actinver, Banamex, Banorte
Ixe, Scotiabank and UBS as
bookrunners. Yet, the financial
services company is not in a
hurry to proceed, LatinFinance
heard. LF


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LatinFinance - May/June 2015

Table of Contents for the Digital Edition of LatinFinance - May/June 2015

Contents
LatinFinance - May/June 2015 - Cover1
LatinFinance - May/June 2015 - Cover2
LatinFinance - May/June 2015 - Contents
LatinFinance - May/June 2015 - 2
LatinFinance - May/June 2015 - 3
LatinFinance - May/June 2015 - 4
LatinFinance - May/June 2015 - 5
LatinFinance - May/June 2015 - 6
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