Copel in Migration to The Novo Mercado

Cleary Gottlieb represented Companhia Paranaense de Energia (Copel) in its migration to the Novo Mercado listing segment of the Brazilian stock exchange - B3 S.A. – Brasil, Bolsa, Balcão.

Novo Mercado has the highest corporate governance standards in the Brazilian securities market and requires that the share capital of listed companies be consisted exclusively of common shares. To allow for the listing, Copel is exchanging all of its American Depositary Shares (ADSs) representing preferred shares (ELP) for ADSs representing common shares (ELPC).

ADSs representing Copel common shares and preferred shares are currently traded on the New York Stock Exchange (NYSE). Following the exchange of the ADSs, Copel’s ADSs representing preferred shares will be delisted from the NYSE.

Copel is one of the largest electricity companies in Brazil, and is engaged in the generation, transmission, distribution, and sale of electricity. Copel is the main electricity utility company in the State of Paraná. While Copel’s activities are mainly concentrated in the Brazilian State of Parana, it also operates in 10 different Brazilian states through its generation and transmission businesses.

The Cleary corporate team included partner Jonathan Mendes de Oliveira, associate David Schechtman, and international lawyer Victor Barone. Partner Matthew Brigham, associate Michael Hughes, and former associate Michael Sims advised on tax matters.