On June 30, 2006, a consortium led by Brookfield Asset Management Inc., and including Canada Pension Plan Investment Board, British Columbia Investment Management Corporation and another institutional investor, purchased 92 per cent of the shares of HQI Transelec Chile S.A., the largest electricity transmission company in Chile, from Hydro-Québec International Inc. for US$1.55 billion following an auction process led by UBS Warburg. The consortium also acquired the remaining 8 per cent of Transelec in a separate but contemporaneous transaction. Part of the purchase price was financed by way of new credit facilities provided by HSBC Bank and Scotiabank.
Hydro-Québec International was represented internally by Jean Rajotte and assisted by McCarthy Tétrault LLP with a team led by Jean-René Gauthier and comprised of Frédéric Cotnoir and Stephanie Lee; and in Chile by Claro y Cia with a team comprised of José María Eyzaguirre Jr., Rodrigo Ochagavia, Jorge Carraha and Felipe Larraín.
The consortium was represented by Weil, Gotshal & Manges LLP with a team led by Simeon Gold and comprised of S. Wade Angus, Nicholas Rodriguez and Alfredo Simon Jr.; in Canada by Stikeman Elliott LLP with a team comprised of Edward Waitzer, Brian Pukier and Jonathan Weisstub; in Chile by Philippi, Yrarrazaval, Pulido & Brunner with a team comprised of Juan Irarrazabal, Juan Paulo Bambach, Frederico Grebe and Marcelo Armas; and in Bermuda by Julia Saltus of Appleby Spurling Hunter.
On the financing, the consortium was represented by WGM with a team that included Elaine Stangland and Mona Al-Sharmani. HSBC Bank and Scotiabank were represented by Milbank, Tweed, Hadley & McCloy LLP with a team composed of Jonathan Green and Karina Dorin.
Brookfield Asset Management Inc. was represented by Goodmans LLP with a team comprised of Lawrence Chernin and Justin Beber.
Canada Pension Plan Investment Board was represented by Sullivan & Cromwell LLP with a team comprised of Sergio Galvis and Inosi Nyatta. British Columbia Investment Management Corporation was represented by McCullough O'Connor Irwin LLP with a team comprised of Jonathan McCullough, James Beeby and Lesley Hobden.
A team from Fraser Milner Casgrain LLP led by Louis Clément along with Sébastien Vilder, Adrien Bélanger and Aude Godfroy represented the interest of the remaining consortium member that invested an amount in excess of US$225 million.