Global law firm Clifford Chance advised BTG Pactual US Capital, LLC, Itaú BBA USA Securities, Inc., BofA Securities, Inc., Citigroup Global Markets Inc. and UBS Securities LLC, as international placement agents, on the privatization of Companhia de Saneamento de Minas Gerais (Copasa) through a secondary offering of common shares by the State of Minas Gerais, raising approximately R$8.4 billion (US$1.65 billion).
The transaction was structured as a global offering registered with the Brazilian Securities Commission (CVM) under CVM Resolution No. 160, with an international private placement conducted pursuant to Rule 144A and Regulation S.
With this transaction, Clifford Chance has now advised on three of the four modern-day privatizations in Brazil, including Copasa, Sabesp and Eletrobras (now Axia), underscoring the firm’s role on landmark transactions in the country.
The team was led by São Paulo partner Anja Pfleger Andrade and associate Pedro Henrique Natucci Barreiros along with New York partners Jonathan Zonis and Avrohom Gelber, associate Ian David and trainee Luca Uchôa (São Paulo).
