Davis Polk advised Merrill Lynch, Pierce, Fenner & Smith Incorporated, BTG Pactual US Capital LLC, Goldman, Sachs & Co., Santander Investment Securities Inc. and Banco do Brasil Securities LLC as joint bookrunners on the Rule 144A/Regulation S primary offering of units of Transmissora Aliança de Energia Elétrica S.A. (“Taesa”) The company sold an aggregate of 24,000,000 units, which consisted of common and preferred shares, for a total of approximately R$1.6 billion (approximately US$800 million).
Taesa is one of the largest Brazilian groups dedicated exclusively to electricity transmission activities in Brazil, in terms of revenue, operating a total of 6,250 kilometers of transmission lines and is present in every region of Brazil. Taesa is controlled by CEMIG, which is in turn controlled by the State of Minas Gerais and by FIP Coliseu, a fund created exclusively to hold interest in Taesa.
The Davis Polk corporate team included Manuel Garciadiaz, Mariana Boranga, Drew Glover and Fernanda Desio. The tax team included Harry Ballan and Isaac MacDonald. Inés Velasco was the legal assistant for the transaction. All members of the Davis Polk team are based in the São Paulo and New York offices.
