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Latham & Watkins Represents Lenders in GNL Quintero Acquisition Financing

July 28, 2022
Multidisciplinary team advised on the acquisition of the largest LNG regasification terminal in Chile.

Gas infrastructure company Fluxys and institutional investor EIG announced completion of the acquisition of an aggregate 80% equity stake in GNL Quintero S.A. (Quintero) from Enagás Chile SpA and affiliates of OMERS Infrastructure.

Quintero is a key energy infrastructure business supporting Chile’s decarbonization strategy with a bridging fuel that allows for the reconciliation of economic growth by fostering the uptake of renewables and the phasing out of coal. Operational since 2009, Quintero is the largest terminal in Chile for receiving and unloading LNG as well as for its storage and regasification capacities. The terminal benefits from its strategic location in Quintero Bay, supplying a diversified base of customers in central Chile across residential, commercial, industrial, transportation, and power generation sectors. The terminal owns 75% of the country’s LNG regasification capacity, and in 2021, 67% of the total natural gas imports (both LNG and pipeline imports) arrived in Chile through this strategic asset.

Latham & Watkins LLP represented BNP Paribas (as Global Coordinator and Structuring Bank) and the lenders on the acquisition financing with a deal team led by Latin America Practice partner Gianluca Bacchiocchi, with international visiting associate Angelica De La Carrera. Advice was also provided on tax matters by partner Elena Romanova, with associate Lauren Bewley, and on hedging and derivatives matters by counsel Brett Ackerman, with associate Ashley Weeks. Other members of the deal team included partners Les Carnegie and Joseph Bargnesi, counsel Laura Szarmach, and associate Elizabeth Annis. A separate Latham team representing the collateral agents was led by counsel Sosi Biricik, with associate Kailash Gupta.