Enersis Crosses Finish Line

Chile’s Enersis has auctioned off 157m primary shares, selling the last sliver of its CLP2.84trn ($6.00bn) equity capital increase and reaching 100% of its target, it says. The sale came at CLP182.30 per share, higher than the CLP173.00 price used in the rights offering period. The energy holdco for the LatAm assets of Spain’s Endesa sold 16.44bn shares in total, including through a $625m American Depositary Shares (ADS) sale. JPMorgan, BTG Pactual and Bank of America Merrill Lynch were global coordinators on the ADS sale, with Banchile, BBVA, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, LarrainVial, Morgan Stanley and Santander as bookrunners. JPMorgan, Celfin, BBVA, Santander, LarrainVial, Banchile and BAML managed the local side. The controversial transaction was approved in December, after months of back and forth with regulators and minority investors. Endesa subscribed its portion with its LatAm assets that don’t already belong to Enersis, and needed negotiations with Chilean pension funds and multiple outside evaluations to reach agreement on the assets’ value. The process will raise funds for acquisition opportunities and streamline Endesa’s operations in LatAm by placing all of its holdings under Enersis. Enersis shares closed at CLP182.31 Thursday.