CORFO in $983.8 Million Sale of Shares in Chile’s Largest Water and Sewage Company

June 17, 2011

Cleary Gottlieb represented Chilean government agency Corporación de Fomento de la Producción (CORFO) in the sale of approximately 29% of the total outstanding shares of Aguas Andinas. CORFO had held its interest through Class B shares that were converted to Class A shares for sale to the public. The offering was made in Chile and to international investors in reliance on Rule 144A and Regulation S. The offering launched on May 26, priced on June 14 and closed on June 17 pursuant to a special auction conducted on the Santiago Stock Exchange.

Aguas Andinas is the largest water and sewage company in Chile and one of the largest private water and sewage companies in South America in terms of revenue and customers. Inversiones Aguas Metropolitanas, or IAM, controls 50.1023% of the total outstanding shares of Aguas Andinas. IAM is controlled by Sociedad General de Aguas de Barcelona, which in turn is controlled by Suez Environnement, a publicly traded French company. Aguas Andinas did not receive any proceeds from the offering.