Pampa Energia in Asset Acquisition
January 19, 2011
Cleary Gottlieb is representing Pampa Energia S.A. (Pampa) in connection with the acquisition of various Argentine energy assets from AEI. These assets include:
-- AESEBA S. A. (AESEBA), which owns 90% of Empresa Distribuidora de Energía Norte S.A. (EDEN), an electricity distribution company in the north and center of Buenos Aires province,
-- a controlling stake in Empresa Distribuidora Eléctrica Regional S.A. (EMDERSA), which controls three Argentine electricity distribution companies: Empresa Distribuidora San Luis S.A. (EDESAL), Empresa Distribuidora de Electricidad de La Rioja S.A. (EDELAR) and Empresa Distribuidora de Electricidad de Salta S.A. (EDESA),
-- all of the outstanding bonds of Compañía de Inversiones de Energía S.A. (CIESA), the controlling shareholders of Transportadora de Gas del Sur (TGS), a NYSE-listed natural gas transportation company, together with the rights and obligations arising from ongoing lawsuits related to the these bonds and CIESA’s debt restructuring, and
-- an option to acquire the rights over the lawsuit initiated by Ponderosa Assets L. P. and Enron Creditors Recovery Corp. against the Republic of Argentina before the International Centre for Settlement of Investment Disputes (ICSID) of the World Bank.
The agreements relating to these acquisitions were signed on January 19, 2011, and the closing of the acquisitions is subject to various regulatory approvals in Argentina.
Pampa is the largest fully integrated electricity company in Argentina, with electricity generation, transmission and distribution assets throughout the country.