We advised Gasco and Copec through the latter’s subsidiary Abastible—on selling all their stake in their subsidiary Gasmar to Arco 4 SpA
The Cuatrecasas team in Chile advised Empresas Gasco and Copec—through the latter’s subsidiary Abastible—on selling all their stake in their subsidiary Gasmar to Arco 4 SpA, an investment vehicle of US fund Arroyo Energy Investment Partners. The transaction was valued at $422.5 million and its closure, subject to conditions precedent, is planned for this year.
This disinvestment, ordered by the Supreme Court of Chile on the grounds of being the main competitors in the Chilean liquefied gas distribution business, took place within the time limit set by the highest court. Thanks to this transaction, which took place through a bidding process led by Banco Santander, Gasco reported gains of $177 million and Abastible $97 million.