Gasco and Copec sale Gasmar to Arroyo Energy in Chile

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.

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.

The Cuatrecasas team was led by its partners Roberto Guerrero and Tomás Kubick, with the support of its associates Magdalena Urquidi and Pilar Illanes.

Specialties

The transaction involved coordinating the subject of the sellers’ responsibilities in the sales contract and adjusting it to the result of the due diligence process.

Roberto Guerrero, 2021