Canada Pension Plan Investment Board Completes Acquisition of Additional Eight Percent Interest in Transportadora de Gas del Perú S.A.

December 15, 2016

S&C advised Canada Pension Plan Investment Board (CPPIB) in completing its acquisition of an additional eight percent interest in Transportadora de Gas del Perú S.A. (TgP), which owns 729 km of Peruvian natural gas and natural gas liquids pipeline, from International Power, S.A., an affiliate of the ENGIE group, for an undisclosed amount. In addition, CPPIB completed its on-sale of a 2.96 percent interest in TgP to an affiliate of Enagás, S.A. (Enagás), which owns and operates Spain's national gas grid.
The transaction follows a longer series of transactions on which S&C advised, including those leading to CPPIB's acquiring a 44.77 percent stake in TgP and entering into a joint venture with respect to TgP's operating company Tecgas. In addition, S&C previously advised on the $837 million project financing of the Camisea gas project, which is operated by TgP. CPPIB is now TgP's single largest shareholder.
The S&C team advising CPPIB on these transactions was led by Werner Ahlers, along with Miguel Oría and Kyra Ayo Caros, with help from Benjamin Kent and Katherine Zhang. Christopher Mann provided valuable advice. David Spitzer and Max O'Neill advised on tax matters.