Clifford Chance advises Brazil’s Sabesp on its US$2.7 billion international shares offering

Global law firm Clifford Chance has advised Companhia de Saneamento Básico do Estado de São Paulo (Sabesp), the Brazilian water and waste management company, on its public offering of 220,470,000 common shares, including an international offering of 1,789,502 American Depositary Shares. The offering consisted of an international public offering and placement of shares outside Brazil, including in the United States, and a concurrent public offering of shares in Brazil. The company raised R$14.8 billion (US$2.7 billion).

Partner Jon Zonis and counsel Anja Pfleger Andrade led the Clifford Chance deal team, which included associates Lola Barros and Natalie Tsang, staff attorney Pedro Henrique Menegat, professional support lawyer Rebecca Hoskins and intern Beatriz Bonamico.

Pfleger Andrade commented, “Our team is proud to support Sabesp on its privatization and its goal to provide universal access to clean water and sanitation in the state of São Paulo. This transaction will allow Sabesp to bring forward the universalization targets and to invest in water and sewerage improvements throughout the state.”

Clifford Chance advises on many equity offerings in the Latin American market, including advising Brazil’s Eletrobras on its US$6.9 billion equity offering in 2022. The firm also recently advised Eletrobras on the secondary follow-on offering of preferred shares issued by CTEEP – Companhia de Transmissão de Energia Elétrica Paulista, in an aggregate amount of R$2.19 billion (US$398 million).