Latin Finance - November/December 2009 - 16

M&A Brisk Energy Flow Deals in the energy sector are ruling the M&A arena in Latin America as Spanish companies o oad holdings. Gas Natural has agreed to sell its 63.8% stake in Empresa de Energía del Pacifico (Epsa) to Colombian holding company Colinversiones for $1.1 billion. Colinversiones, whose holdings are largely in the Naspers, the South Africa-based company with major internet electricity generation and transmission sector, last month said it holdings in China, Russia and Eastern Europe, has acquired a was interested in acquiring the stake in 91% stake in BuscaPé, a Brazilian a deal authorized by the board. e-commerce site, for $340 million. M&A Rank by Volume, Year to October 19 Meanwhile, Spain’s Iberdrola The stake belongs to Boston-based JPMorgan steals the show has sold its 95% stake in Chilean private equity firm Great Hill Partners, Rank Advisor Value $m # deals hydropower unit Iberoamericana de which is heard to have turned a profit 1 JPMorgan 22,964.82 27 Energía to Chile’s Compania General de of roughly 8x the equity capital it Electricidad (CGE) for $281.6 million. invested in the company. 2 Credit Suisse 15,657.35 24 An additional sale of a 55% stake in Through a series of transactions 3 Santander 14,331.82 8 Empresa Eléctrica Lican to CGE for $16 over its four-year investment, Great 4 Morgan Stanley 12,118.10 14 million did not go through because Hill deployed some $35 million into 5 UBS 11,597.05 12 of “external causes,” it says. Ibener the company. “We think that Brazil 6 Citi 10,657.27 15 operates the 75 megawatt Peuchen and will o er interesting investment 7 Rothschild 8,996.05 9 49 megawatt Mampil dams in Chile. opportunities over the next 5-10 8 Bradesco 8,303.68 15 Endesa, also based in Spain, has years,” Michael Kumin, a partner at 9 BofA-Merrill 7,415.37 8 sold a 7.2% stake in Colombian stateGreat Hill, tells LatinFinance. 10 BNP Paribas 5,940.45 6 controlled energy company Empresa de At the moment, the fund does not Subtotal 56,032.59 92 Energía de Bogotá (EEB) on the local have holdings in LatAm. Its one other stock market for $247 million. Bogotá investment in Brazil was in a telecom Total 78,724.23 675 city council controls 81.5% of EEB, company called Vivax, which it sold Source: Dealogic while Ecopetrol owns a 7.3% stake and to Net Serviços. Naspers is paying for Corporación Financiera Colombiana the deal in cash, say people involved M&A Rank by Fees, Year to October 19 has 3.8%. EEB has a market cap of in the trade. Goldman Sachs advised Credit Suisse bulks up on revenue $3.5 billion, according to Citi, which Naspers, while Citi helped Great Hill. advised. Elsewhere, Colombian Rank Advisor Revenue $m % Share Elsewhere in natural resources, conglomerate Colpatria has jumped 1 Credit Suisse 49.67 16.42 Fibria, the Brazilian paper and pulp back into the country’s pension fund 2 Morgan Stanley 39.50 13.06 giant formed by the merger of Aracruz sector by acquiring Colfondos, the 3 JPMorgan 37.54 12.41 and VCP, has agreed to sell its Guaíba country’s fourth largest pension 4 Bradesco 25.91 8.57 unit to Chile’s CMPC for $1.43 billion. fund, from Citi. Chile-based private 5 Citi 25.83 8.54 Proceeds are reportedly being used to equity shop Linzor Capital, and New 6 BofA-Merrill 22.09 7.30 pay down debt, which ballooned with York-based Palmfund Management 7 UBS 15.04 4.97 the acquisition of Aracruz thanks in partnered with Colpatria in the part to a debilitating $2.1 billion FX acquisition. 8 Goldman Sachs 14.45 4.78 derivative loss. Some analysts were José Restrepo, an equities analyst 9 Rothschild 13.79 4.56 not impressed with the move. “In our with Interbolsa who covers the sector, 10 Banco Itaú 13.43 4.44 view, the deal does not make strategic estimates the buyers could have paid Subtotal 257.25 85.07 sense for Fibria,” says Itaú Securities, $275-$320 million for Colfondos, Total 302.41 100.00 adding that it brings new competition which has $5.6 billion in assets under Source: Dealogic for Fibria, increases demand for land management. Colpatria, which owns in southern Brazil and sacrifices the companies in sectors ranging from Fibria project with most growth potential. construction to banking, had sold its pension fund business 10 S&P notes the acquisition puts pressure on CMPC’s credit years ago to BBVA. That business, BBVA Horizonte, is the third indicators and boosts exposure to the cyclical cellulose business largest pension fund in Colombia. cycle. As a result, the agency has placed CMPC’s A- rating Meanwhile, Hypermarcas, the Brazilian consumer brands on credit watch negative. The Guaiba unit has a production holding company, has acquired condom makers Jontex and capacity of 450,000 metric tons of pulp per year and about Olla from Johnson & Johnson for $101 million. The deal gives 60,000 metric tons of paper per year. The deal also includes Hypermarcas a boost in the nascent Brazilian prophylactic 32,000 hectares of land. market, says the company. LF Xstrata, meanwhile, has agreed to sell to Barrick Gold its 70% stake in the El Morro copper and gold project in Chile for $465 million. The transaction is expected to close by January 30 and will allow Xstrata to direct resources toward other priority development projects. Tech Makes a Move 16 LATINFINANCE November/December 2009

Latin Finance - November/December 2009

Table of Contents for the Digital Edition of Latin Finance - November/December 2009

Latin Finance - November/December 2009
Contents
Latam-China Flows
Petrobras Interview
Best Boutiques
Banks of the Year 2009
Itau Unibanco Interview
Mexico: How to Capitalize on Crisis
Colombia: Local Shop Repels Foreign Pretenders
Chile: Pefecting the Art of Retail
El Salvador: A Foreign-owned Bank Dominates
Infrastructure & Energy Awards
Private Equity Fundraising
Latin Finance - November/December 2009 - Latin Finance - November/December 2009
Latin Finance - November/December 2009 - Cover2
Latin Finance - November/December 2009 - Contents
Latin Finance - November/December 2009 - 2
Latin Finance - November/December 2009 - 3
Latin Finance - November/December 2009 - 4
Latin Finance - November/December 2009 - 5
Latin Finance - November/December 2009 - 6
Latin Finance - November/December 2009 - 7
Latin Finance - November/December 2009 - 8
Latin Finance - November/December 2009 - 9
Latin Finance - November/December 2009 - 10
Latin Finance - November/December 2009 - 11
Latin Finance - November/December 2009 - 12
Latin Finance - November/December 2009 - 13
Latin Finance - November/December 2009 - 14
Latin Finance - November/December 2009 - 15
Latin Finance - November/December 2009 - 16
Latin Finance - November/December 2009 - 17
Latin Finance - November/December 2009 - Latam-China Flows
Latin Finance - November/December 2009 - 19
Latin Finance - November/December 2009 - 20
Latin Finance - November/December 2009 - 21
Latin Finance - November/December 2009 - 22
Latin Finance - November/December 2009 - 23
Latin Finance - November/December 2009 - Petrobras Interview
Latin Finance - November/December 2009 - 25
Latin Finance - November/December 2009 - 26
Latin Finance - November/December 2009 - 27
Latin Finance - November/December 2009 - Best Boutiques
Latin Finance - November/December 2009 - 29
Latin Finance - November/December 2009 - 30
Latin Finance - November/December 2009 - 31
Latin Finance - November/December 2009 - Banks of the Year 2009
Latin Finance - November/December 2009 - 33
Latin Finance - November/December 2009 - 34
Latin Finance - November/December 2009 - Mexico: How to Capitalize on Crisis
Latin Finance - November/December 2009 - 36
Latin Finance - November/December 2009 - 37
Latin Finance - November/December 2009 - 38
Latin Finance - November/December 2009 - Colombia: Local Shop Repels Foreign Pretenders
Latin Finance - November/December 2009 - Chile: Pefecting the Art of Retail
Latin Finance - November/December 2009 - 41
Latin Finance - November/December 2009 - 42
Latin Finance - November/December 2009 - El Salvador: A Foreign-owned Bank Dominates
Latin Finance - November/December 2009 - 44
Latin Finance - November/December 2009 - 45
Latin Finance - November/December 2009 - 46
Latin Finance - November/December 2009 - 47
Latin Finance - November/December 2009 - 48
Latin Finance - November/December 2009 - 49
Latin Finance - November/December 2009 - Infrastructure & Energy Awards
Latin Finance - November/December 2009 - 51
Latin Finance - November/December 2009 - 52
Latin Finance - November/December 2009 - 53
Latin Finance - November/December 2009 - 54
Latin Finance - November/December 2009 - Private Equity Fundraising
Latin Finance - November/December 2009 - 56
Latin Finance - November/December 2009 - Cover3
Latin Finance - November/December 2009 - Cover4
https://www.nxtbook.com/nxtbooks/latinfinance/0319QMR
https://www.nxtbook.com/nxtbooks/latinfinance/1218JYM
https://www.nxtbook.com/nxtbooks/latinfinance/paraguay_2018
https://www.nxtbook.com/nxtbooks/latinfinance/8320YTM
https://www.nxtbook.com/nxtbooks/latinfinance/8465TBM
https://www.nxtbook.com/nxtbooks/latinfinance/1476YBW
https://www.nxtbook.com/nxtbooks/latinfinance/7835THM
https://www.nxtbook.com/nxtbooks/latinfinance/8655TGL
https://www.nxtbook.com/nxtbooks/latinfinance/0614IJP
https://www.nxtbook.com/nxtbooks/latinfinance/ecuador_20170910
https://www.nxtbook.com/nxtbooks/latinfinance/2713KNP
https://www.nxtbook.com/nxtbooks/latinfinance/4982CFT
https://www.nxtbook.com/nxtbooks/latinfinance/7803HWE
https://www.nxtbook.com/nxtbooks/latinfinance/3829THA
https://www.nxtbook.com/nxtbooks/latinfinance/7891MDD
https://www.nxtbook.com/nxtbooks/latinfinance/7714JCR
https://www.nxtbook.com/nxtbooks/latinfinance/5619CMK
https://www.nxtbook.com/nxtbooks/latinfinance/6939ASL
https://www.nxtbook.com/nxtbooks/latinfinance/1364ASF
https://www.nxtbook.com/nxtbooks/latinfinance/0453DAS
https://www.nxtbook.com/nxtbooks/latinfinance/0453DAS_supp
https://www.nxtbook.com/nxtbooks/latinfinance/1304APV
https://www.nxtbook.com/nxtbooks/latinfinance/7234GSD
https://www.nxtbook.com/nxtbooks/latinfinance/1643XGS
https://www.nxtbook.com/nxtbooks/latinfinance/9511JKM_supp
https://www.nxtbook.com/nxtbooks/latinfinance/9511JKM
https://www.nxtbook.com/nxtbooks/latinfinance/8745TNV
https://www.nxtbook.com/nxtbooks/latinfinance/3629PBC
https://www.nxtbook.com/nxtbooks/latinfinance/7466TBC_HSBC
https://www.nxtbook.com/nxtbooks/latinfinance/7466TBC_supp
https://www.nxtbook.com/nxtbooks/latinfinance/7466TBC
https://www.nxtbook.com/nxtbooks/latinfinance/9463RVB
https://www.nxtbook.com/nxtbooks/latinfinance/7345GPY
https://www.nxtbook.com/nxtbooks/latinfinance/6398TVB
https://www.nxtbook.com/nxtbooks/latinfinance/4899EXM_supp
https://www.nxtbook.com/nxtbooks/latinfinance/4899EXM
https://www.nxtbook.com/nxtbooks/latinfinance/3885CWS
https://www.nxtbook.com/nxtbooks/latinfinance/45923GBC
https://www.nxtbook.com/nxtbooks/latinfinance/67449NBD
https://www.nxtbook.com/nxtbooks/latinfinance/46733NLP
https://www.nxtbook.com/nxtbooks/latinfinance/78456HCL
https://www.nxtbook.com/nxtbooks/latinfinance/89456RBM
https://www.nxtbook.com/nxtbooks/latinfinance/22278HBL
https://www.nxtbook.com/nxtbooks/latinfinance/2895YBM
https://www.nxtbook.com/nxtbooks/latinfinance/9033TBM
https://www.nxtbook.com/nxtbooks/latinfinance/8934TNP
https://www.nxtbook.com/nxtbooks/latinfinance/costarica20130304
https://www.nxtbook.com/nxtbooks/latinfinance/4672PNB
https://www.nxtbook.com/nxtbooks/latinfinance/9377BKL
https://www.nxtbook.com/nxtbooks/latinfinance/drmtest
https://www.nxtbook.com/nxtbooks/latinfinance/drmtest2
https://www.nxtbook.com/nxtbooks/latinfinance/5532LMC
https://www.nxtbook.com/nxtbooks/latinfinance/9044TBM
https://www.nxtbook.com/nxtbooks/latinfinance/4877RBC
https://www.nxtbook.com/nxtbooks/latinfinance/3008JHV
https://www.nxtbook.com/nxtbooks/latinfinance/3728YBC
https://www.nxtbook.com/nxtbooks/latinfinance/9337KLM
https://www.nxtbook.com/nxtbooks/latinfinance/5674GNJ
https://www.nxtbook.com/nxtbooks/latinfinance/8330KMC
https://www.nxtbook.com/nxtbooks/latinfinance/7663HCM
https://www.nxtbook.com/nxtbooks/latinfinance/2319ZMB
https://www.nxtbook.com/nxtbooks/latinfinance/7110MKL
https://www.nxtbook.com/nxtbooks/latinfinance/8599FHG
https://www.nxtbook.com/nxtbooks/latinfinance/4517HJK
https://www.nxtbook.com/nxtbooks/latinfinance/7813GHB
https://www.nxtbook.com/nxtbooks/latinfinance/1564FBM
https://www.nxtbook.com/nxtbooks/latinfinance/8884HGV
https://www.nxtbook.com/nxtbooks/latinfinance/7863SVB
https://www.nxtbook.com/nxtbooks/latinfinance/5233SFB
https://www.nxtbook.com/nxtbooks/latinfinance/5899SML
https://www.nxtbook.com/nxtbooks/latinfinance/4311PMN
https://www.nxtbook.com/nxtbooks/latinfinance/1366FBB
https://www.nxtbook.com/nxtbooks/latinfinance/9355AXC
https://www.nxtbook.com/nxtbooks/latinfinance/8559EBN
https://www.nxtbook.com/nxtbooks/latinfinance/8244QXC
https://www.nxtbook.com/nxtbooks/latinfinance/1779BBN
https://www.nxtbook.com/nxtbooks/latinfinance/7144XVB
https://www.nxtbook.com/nxtbooks/latinfinance/8971QGH
https://www.nxtbook.com/nxtbooks/latinfinance/200805
https://www.nxtbook.com/nxtbooks/latinfinance/200804
https://www.nxtbook.com/nxtbooks/latinfinance/200803
https://www.nxtbookmedia.com