State Grid International Development Limited Acquires Stake in CPFL Energia S.A.

January 23, 2017

S&C represented State Grid International Development Limited in its acquisition of an approximately 54.64 percent stake in CPFL Energia S.A. from Camargo Correa S.A. and Brazilian pension funds Caixa de Previdência dos Funcionários do Banco do Brasil – PREVI, Fundação CESP, SISTEL - Fundação Sistel de Seguridade Social, Fundação Petrobras de Seguridade Social – PETROS and Fundação SABESP de Seguridade Social — SABESPREV. S&C continues to represent State Grid in connection with its currently expected cash tender offer for the remaining common shares of CPFL Energia S.A. that it does not already own.
 
The S&C team on the transactions was led by Sergio Galvis and Werner Ahlers, along with Kiran Kadekar, Giacomo Reali and Alexander Smorczewski. David Spitzer and Michelle Lu advised on tax matters.

S&C was also named #1 international legal adviser for Latin America M&A in 2016 by Thomson and Mergermarket.