Informe Trimestral Perú – 4T 2018

Capital movilizado en el mercado M&A de Perú 
aumenta un 85% en 2018

A lo largo del año se han registrado 155 operaciones y un importe de USD 9.133m 

En el trimestre se han registrado 35 operaciones con un importe de USD 2.164m 

El sector Financiero y de Seguros lidera el mercado transaccional en 2018

 El mercado de M&A en Perú ha registrado en 2018 un total de 155 operaciones, de las cuales 78 tienen un importe no confidencial que suman aproximadamente USD 9.133m, según el más reciente informe de Transactional Track Record. Estas cifras suponen un aumento del 1,97% en el número de operaciones y un alza del 85% en el importe de las mismas, con respecto a las cifras de 2017. 

Por su parte, en el cuarto trimestre del año se han producido un total de 35 transacciones, de las cuales 15 registran un importe conjunto de USD 2.164m, lo que implica un descenso del 14,63% en el número de operaciones y una baja del 22,27% en el importe de las mismas, con respecto al cuarto trimestre del año anterior. 

De las operaciones contabilizadas de enero a diciembre, 58 son de mercado bajo (importes inferiores a USD 100m) y 14 de mercado medio (entre USD 100m y USD 500m), y 6 de mercado alto (superior a USD 500m).  

En términos sectoriales, el subsector Financiero y de Seguros es el que más transacciones ha contabilizado a lo largo de 2018, con un total de 17 operaciones cada uno, seguidos por el Minero, con 14 operaciones. 

Ámbito Cross-Border  

Por lo que respecta al mercado Cross-Border, en el año las empresas peruanas han apostado principalmente por invertir en Colombia, con 6 operaciones, seguido de Bolivia y Chile, con 3 transacciones en cada sector. 

Por otro lado, Estados Unidos y Chile, con 13 operaciones en cada país, son las regiones que más han apostado por realizar adquisiciones en Perú. Por importe destaca Estados Unidos, con USD 2.368,75m. 

Private Equity y Venture Capital  

En el transcurso de 2018, Perú ha registrado 10 operaciones de Private Equity, de las cuales 3 registran un importe conjunto de USD 1.090,77m, lo que representa un aumento del 100% en el número de operaciones, así como un aumento del 859% en el capital movilizado con respecto a diciembre de 2017.  

En cuanto al segmento de Venture Capital, Perú ha registrado 11 operaciones en 2018, de las cuales 6 contabilizan un importe conjunto de USD 17,13m, lo que representa un aumento del 83% en el número de operaciones y un aumento del 774% en el importe de las mismas con respecto al año anterior.  

Transacción Destacada 

TTR ha seleccionado como transacción destacada del trimestre la compra por Sigma SAFI del 51% restante del Parque Eólico Marcona y del Parque Eólico Tres Hermanas a Grupo Cobra, por un importe de USD 56m. Parque Eólico Marcona y Parque Eólico Tres Hermanas son dos SPV que han sido creadas para la construcción de dos parques eólicos homónimos en Perú. Grupo Cobra ha sido es el sponsor en este proceso.

Ranking de asesores financieros y jurídicos 

El informe publica los rankings de asesoramiento financiero y jurídico del mercado M&A peruano a lo largo de 2018, donde se informa de la actividad de las firmas destacadas por número de transacciones y por importe de las mismas. 

En el ranking peruano de asesores jurídicos en el segmento de Fusiones y Adquisiciones,  Estudio Muñiz ha ocupado el primer lugar por número de transacciones y por importe de las mismas, con 24 operaciones y con un capital movilizado de USD 3.168,32m, respectivamente.  

DealMaker Q&A

TTR DealMaker Q&A with Pérez Alati Grondona Benites & Arntsen Partner Eugenio Aramburu


Deal Summary:

On 2 November, PeCom Servicios Energía, a subsidiary of Argentine conglomerate Pérez Companc Family Group, closed the acquisition of pump and petrochemicals manufacturer Bolland y Cia. for ARS 1.5bn (USD 126.3m). The transaction was selected by TTR as Deal of the Quarter in Argentina for 4Q18. The deal follows the USD 98m acquisition of PeCom Servicios Energía in 2015 by the family-owned holding, marking the group’s reentry into the oil and gas business and the subsequent acquisition of Tel3 closed in August. The group had previously exited its energy holdings with the USD 1.1bn sale of Petrolera Pérez Companc to Petrobras in 2002.

TTR talked to Pérez Alati Grondona Benites & Arntsen Partner Eugenio Aramburu about the deal.

Eugenio Aramburu

TTR: How did you land this mandate?

EA: We’ve been working with the Pérez Companc Family Group for a little more than a year-and-a-half. They knew of us through a few other deals, including the sale of the family oil business to Petrobras in 2002, when we represented the buyer. We also represented BRF when it bought a number of brands from the family’s food business, Molinos Río de la Plata, in 2015. They had a chance to interact with us at the time and selected us because we were one of the bigger firms in Argentina providing comprehensive legal services and they liked how we worked.

TTR: How did this deal come about?

EA: Pecom approached Bolland. Some shareholders wanted to sell, some did not. Some were older and some had taken equity in a recent management buy-out.

TTR: Why was Pecom interested in expanding its holdings in Argentina’s oil and gas industry?

EA: The Pérez Companc Family Group is confident that the oil and gas industry is going to expand and they wanted to expand into services they did not already offer to become a full-service provider to the industry. Through this deal they can now offer integrated solutions to all the operators throughout the oil and gas industry.

TTR: Why was it a good time to invest full heartedly in this industry?

EA: Notwithstanding the international price of oil, there is an absolute necessity from the standpoint of the Argentine government to develop the Vaca Muerta reserves as it is one of the biggest reserves of shale gas in the world. While development of these assets may be slower because of international energy prices, Argentina is going to provide incentives to develop this industry regardless. Argentina is currently importing gas, from Venezuela and elsewhere, which will become unnecessary once these reserves enter production. All these reasons motivated Pecom to have a bigger presence in the gas industry.

TTR: How did recent political and economic reforms in Argentina set the stage for this deal?

EA: During the Kirchner administration you would never have seen a transaction like this. The government had intervened in oil and gas prices and investments in the industry were basically zero. These investments that require a long term for amortization need a stable environment. When Macri came to power, the situation changed drastically. The government set out to stimulate investments in the energy market, which is where there have been more transactions. This transaction couldn’t have happened before. This is a bet on the part of the Perez Companc Group demonstrating confidence in the Argentine government and the industry.

TTR: What made this transaction challenging?

EA: Bolland had a lot of individual shareholders and they didn’t all have the same interest in the sale, so it demanded a lot of negotiations aligning all their different interests. Secondly, it was a very significant deal for Pecom because it implied doubling the size of the company. Thirdly, the regional nature of the deal, with Bolland having operating companies not only in Argentina, but in Brazil, Bolivia and Colombia, made it quite complex. The transaction took a lot of time, especially because we had to coordinate due diligence throughout these different countries. Also, the target was run like a family company, so we had to work a lot with the sellers to help them develop a data room. Then, during the negotiations, Argentina devalued the peso, which had a business impact on the target, so that had to be negotiated as well.

TTR: How was the transaction financed and how long did it take to close?

EA: The Perez Companc Group has available funds to finance the deal, so we did not have to negotiate any financing agreement. It took 10 months between execution of the non-binding offer and closing.

TTR: Why was the target considered a good complement to Pecom’s existing operations?

EA: Bolland produced pumps for the oil and gas industry, while Pecom didn’t have a pump business. They also had a chemicals business, and that was also an area in which Pecom was not present. It was a strategic acquisition that transformed Pecom into a full services provider.

TTR: What became of Bolland’s minority partner in the Colombian operating company?

EA: A Colombian businessman had a 30% stake in the Colombian subsidiary. He’s a Colombian investor who saw an opportunity to exit, so he tried to apply pressure for the sale of his stake, and Pecom decided it was easier not to have a minority shareholder in Colombia. At the time of closing we negotiated a term sheet for the acquisition of his stake and that acquisition was negotiated and consummated after closing of the first deal. It was not a substantial amount compared to the larger deal.

TTR: How will Pecom leverage Bolland’s interntional presence?

EA: Increasing its operations across the region is definitely an objective for Pecom now that it has become the biggest local player in Argentina through this transaction. Bolland had operating subsidiaries where Pecom didn’t have any presence at all and can now look at how to increase their market participation in these markets with their full portfolio of products and services.

TTR: How hard will this acquisition be for Pecom to integrate?

EA: Integration will be a big challenge for Pecom. It’s acquiring a target that’s almost as big as itself. Though Pecom is a family-owned company, it was run more like an international company in terms of corporate governance and labor standards. Bolland had almost 800 employees that will need to adjust to new policies and a different compensation scheme. From a real estate perspective, Pecom will have to move its headquarters to a new building that is being constructed now because the entire staff couldn’t all fit at the existing facility. IT systems will need to be integrated too, which is also a challenge.

TTR: What other deals do you see on the horizon for Pecom?

EA: We are now involved in one ongoing transaction where the group is negotiating another important acquisition related to the energy industry. I cannot offer more details on that as a binding agreement has yet to be signed. Suffice it to say that they’re looking to deepen their foothold in Argentina’s oil and gas industry and this is not the last of their investments.

TTR: How was the valuation arrived at and how pleased were the sellers?

EA: The sellers were satisfied with the outcome. Despite the devaluation that happened in the midst of negotiations, the purchase price, which was denominated in dollars, was not modified.

Some of the sellers considered their stake in Bolland as a retirement plan to see dividends forever and many didn’t want to assume liabilities and indemnifications with the sale. The fact that the price was good helped appease the detractors.

TTR: Which practice areas were critical to your firm’s work on the deal?

EA: In the diligence process we had lawyers from all fields, including oil and gas and environmental because Bolland had a chemicals business that produced products used to enhance the productivity of wells. The real estate practice was also important because there were assets located in border areas, which means you have apply for special permissions with Argentina’s Ministry of the Interior owing to security issues. Labor law also come into play because the target had unionized employees and commercial litigation attorneys were also heavily involved.

TTR: What makes this deal stand out among other transactions you’ve worked on?

EA: It’s not that common for an Argentine company to acquire a regional target. The coordination required to perform due diligence in four countries makes it stand out. Also, In Argentina, it’s not that common to see such large transactions, though perhaps the sum is not that material for an international transaction. Thirdly, from a business and psychological aspect, it was a really keystone transaction for our client. The client was really focused and needed to take care of every detail. For all these reasons it was a very important transaction for us and it took a lot of time. It was also really important for the client given that it resulted in the biggest player in Argentina.

TTR: What does this deal say about the level of confidence in Argentina?

EA: This transaction serves as a vote of confidence, especially at a time when the Macri administration was having some difficulties in the face of a recession and nervousness due to inflation, with several investors, especially international investors, delaying their investments. The first ones that take advantage of these opportunities are local players, eager to take a chance. They’re here for the long run. Hopefully international investors will follow.

DealMaker Q&A

TTR DealMaker Q&A with Payet, Rey, Cauvi, Pérez Abogados Associate Alan García

Deal Summary:

On 30 November 2018, Lima-based asset management firm Sigma SAFI acquired a 51% interest in the Parque Eólico Marcona and Parque Eólico Tres Hermanas from Grupo Cobra for USD 56m, consolidating its ownership of Peru’s largest wind farms with a combined installed capacity of 130MW between them. The wind farms were developed by Grupo Cobra, a Spain-based subsidiary of ACS, with financing provided by a consortium of institutions including Eximbank, KFW DEG, FMO, CAF, Proparco and Natixis.TTR DealMaker Q&A with Payet, Rey, Cauvi, Pérez Abogados Associate Alan García

Alan García

Payet, Rey, Cauvi, Pérez Abogados Associate Alan García discusses details of a complex transaction that saw Sigma SAFI consolidate its ownership of Peru’s largest wind farm assets by paying off legacy creditors in the country’s first ever co-issuance.

TTR: How long have you been working with Sigma SAFI and how did you land this mandate?

AG: We’ve had a relationship with Sigma SAFI that spans several years. We represented the fund manager in 2015 and 2016 when it acquired its initial 49% interest in the two wind farms when Grupo Cobra retained its 51% stake. A couple of months ago we carried out a restructuring of the debt held by each entity, and from there we executed the acquisition. It was logical that we could be of value to the buyer given our understanding of the refinancing arrangement, which was a precursor to the acquisition. There were eight financial entities involved with mirrored contracts for Tres Hermanas and Marcona, each with its own project finance with all the associated step-in rights.

TTR: What made this transaction so complicated?

AG: The deal was complex because it required prepaying debt held by international development banks and simultaneously carrying out a private placement, all on the heels of a refinancing. Each project company had to be handled independently with their respective assets and concession agreements used as guarantees to the creditors. The complexities of the deal relate to its structure of guarantees that couldn’t be shared between entities and the symmetrical contracts that were drafted under New York and Peruvian Laws. The sequence of execution of the various contracts required to carry out the deal within a short period given to eliminate prior liens made the transaction especially challenging.

TTR: What makes this deal unique?

AG: This was the first co-issuance of notes by Peruvian issuers in Peru’s history. Being a replacement of debt and guarantees, basically with one project finance substituted by another, makes this deal stand out, especially given that between them the two wind farms represent 60% of the wind power capacity in Peru.

TTR: Which practice areas were involved?

AG: We had two teams working simultaneously, one dedicated to the acquisition and the other to the refinancing. Both teams were led by Finance and Capital Markets Partner Eduardo Vega and me, with parallel negotiations. We had corporate, tax, regulatory and energy specialists in each with a total of eight attorneys.

Informe Trimestral Chile – 4T 2018

Chile aumenta en un 783% el capital movilizado por Fusiones y Adquisiciones en 2018 

El país registra a lo largo del año un total de 234 operaciones de M&A 

119 operaciones registradas en 2018 alcanzan un importe de USD 249.554m 

Sector Financiero y de Seguros es el más destacado del año, con 39 operaciones 

El mercado de M&A en Chile ha registrado hasta diciembre de 2018 un total de 234 operaciones, de las cuales 119 tienen un importe no confidencial que suman aproximadamente USD 249.554m, según el más reciente informe de Transactional Track Record. Estas cifras suponen una disminución del 11,70% en el número de operaciones y un aumento del 782,67% en el importe de las mismas, con respecto a las cifras de diciembre de 2017. 

Por su parte, en el cuarto trimestre del año se han producido un total de 58 transacciones, de las cuales 34 registran un importe conjunto de USD 243.761m, lo que implica un descenso del 19,44% en el número de operaciones y un aumento del 2.963,48% en el importe de las mismas, con respecto al cuarto trimestre del año pasado. 

De las operaciones contabilizadas de enero a diciembre, 95 son de mercado bajo (importes inferiores a USD 100m), 19 de mercado medio (entre USD 100m y USD 500m), y 5 de mercado alto (mayores a USD 500m). 

En términos sectoriales, el Financiero y de Seguros es el que más transacciones ha contabilizado a lo largo de 2018, con un total de 39 operaciones, seguido por el sector de Distribución y Retail, con 25; Inmobiliario, con 23, e Internet, con 22. 

Ámbito Cross-Border  

Por lo que respecta al mercado Cross-Border, en lo que va de año las empresas chilenas han apostado principalmente por invertir en Perú y México, con 13 y 9 transacciones, respectivamente. Por importe, destaca Perú, con USD 515,93m. 

Por otro lado, Estados Unidos (16 operaciones), Canadá (12) y España (8) son también los países que más han apostado por realizar adquisiciones estratégicas en Chile. Por importe, destaca Japón, con USD 1.500m. 

Private Equity y Venture Capital  

En el transcurso de 2018, Chile ha registrado 19 operaciones de Private Equity, de las cuales 6 contabilizan un importe revelado de USD 276m. Estas operaciones representaron una tendencia a la baja del 17% en el número de operaciones y un aumento del 116% en el importe, con respecto a diciembre del año pasado.  

Con respecto a las cifras de Venture Capital, hasta diciembre de 2018 Chile ha contabilizado 26 operaciones, de las cuales 18 registran un importe de USD 185,14m. Estas operaciones representan un aumento del 18% y un alza del 119% en el capital movilizado con respecto a 2017. 

Transacción Destacada 

Para el cuarto trimestre de 2018, Transactional Track Record ha seleccionado como operación destacada la realizada por Engie, que ha completado la adquisición del 73,16% de CAM Chile. 

La operación, valorada en USD 15,67m ha estado asesorada por la parte legal por Estudio Muñiz; Philippi, Prietocarrizosa Ferrero DU & Uría Chile; Miranda & Amado Abogados y Claro y Cía. Abogados. 

Ranking de Asesores Financieros y Jurídicos 

 
El informe publica los rankings de asesoramiento financiero y jurídico del mercado M&A chileno durante 2018, donde se informa de la actividad de las firmas destacadas por número de transacciones y por importe de las mismas. 

En el ranking chileno de asesores legales en el segmento de Fusiones y Adquisiciones, Carey ha ocupado el primer lugar por número de operaciones, con 16 transacciones registradas en el país, mientras que Philippi, Prietocarrizosa Ferrero DU & Uría Chile ha sido el asesor líder por capital movilizado, con USD 1.770,78m. 

Informe Trimestral España – 4T 2018

El importe de operaciones de M&A en España se incrementa un 19% en 2018

En el año se han contabilizado 2.454 fusiones y adquisiciones por EUR 115.912m 

En el cuarto trimestre de 2018 se registraron 622 operaciones por EUR 38.322m 

El sector inmobiliario es el más activo del año, con 702 transacciones

El mercado transaccional español cierra 2018 con un total de 2.454 operaciones, entre anunciadas y cerradas, por un importe agregado de EUR 115.912m, según el más reciente informe trimestral de TTR,en colaboración con Intralinks y Allen & Overy. Estas cifras suponen incrementos del 6% en el número de operaciones y del 19,04% en el importe de las mismas, con respecto a 2017. 

Por su parte, en el cuarto trimestre del año se han producido un total de 622 transacciones, de las cuales 260 registran un importe conjunto de EUR 38.322m, lo que implica un descenso del 3,27% en el número de operaciones y una disminución del 1% en el importe de las mismas, con relación al cuarto trimestre de 2017. 

En términos sectoriales, el sector inmobiliario es el más activo a lo largo del año, con un total de 702 transacciones, seguido por el tecnológico, con 312, y el de Salud, Higiene y Estética, con 183. 

Ámbito Cross-Border 

Por lo que respecta al mercado cross-border a lo largo de 2018, las empresas españolas han escogido como principales destinos de sus inversiones a Portugal, con 49 operaciones, y a Estados Unidos y Reino Unido, con 46 y 28 operaciones, respectivamente. En términos de importe, Estados Unidos es el país en el que España ha realizado un mayor desembolso, con un importe valorado en EUR 3.646,66m. 

Por otro lado, Estados Unidos (159), Reino Unido (111) y Francia (90) son los países que mayor número de inversiones han realizado en España. Por importe destaca Estados Unidos, con un importe agregado de EUR 21.660,57m. 

Private Equity y Venture Capital  

En el transcurso de 2018 se han contabilizado un total de 267 operaciones de private equity, de las cuales 85 tienen un importe no confidencial agregado de EUR 31.892,06m. Esto supone incrementos del 6% en el número de operaciones y un descenso del 30% en el importe de las mismas con respecto a 2017. 

Por su parte, en el mercado de venture capital se han llevado a cabo 434 transacciones, de las cuales 348 tienen un importe no confidencial agregado de EUR 2.093,63m. En este caso, el incremento con respecto a 2017 es del 19% en el número de operaciones, así como un crecimiento del 43% en el importe de las mismas.  

Mercado de capitales 

En el mercado de capitales español se han cerrado durante los 12 meses del año 24 salidas a Bolsa y 46 ampliaciones de capital.  

Transacción del Trimestre 

En el cuarto trimestre de 2018, TTR ha seleccionado como transacción destacada la adquisición por parte de Repsol del negocio de bajas emisiones y la comercializadora de gas y electricidad de Viesgo

La operación, valorada en EUR 750m ha estado asesorada en la parte legal por Linklaters, Uría Menéndez, Deloitte Legal, y PwC Tax & Legal. Por la parte financiera, la transacción ha sido asesorada por Alantra, Deloitte, y PwC. 

Ranking de Asesores Legales y Financieros 

En el ranking TTR de asesores financieros del mercado M&A por número de operaciones, lidera en el transcurso de 2018 Norgestión, con 13 operaciones. Por importe, se destaca hasta el mes de diciembre Citigroup, con EUR 26.399,80m. 

En cuanto al ranking de asesores jurídicos del mercado M&A, por importe, lidera la firma Uría Menéndez España con EUR 39.739,52m; seguido por Linklaters Spain, con EUR 37.543,16m. Por número de transacciones, el ranking es liderado por Garrigues España con 126 operaciones asesoradas, y le sigue en el listado Cuatrecasas España, con 113 transacciones. 

Si estás interesado en saber cuales son las firmas más destacadas en España en asesoría jurídica y financiera, haz click aquí.