The Peruvian authority of the free competition has approved the $3.6bn acquisition of Luz del Sur by Yangtze Power International (CYPI). This is the largest ever deal closed in this industry in Peru.
CYPI, a subsidiary of China Three Gorges Corporation, is one of the largest players in the electricity sector worldwide. Luz del Sur was a subsidiary of Sempra Energy, that was involved not only at the distribution business in Peru, but also in the generation sector through Inland Energy.
CYPI has requested authorization from Indecopi in October 2019 because the transaction exceed the threshold set by the Peruvian law for energy industry acquisitions.
Estudio Muñiz acted for CYPI, with a team led by senior partner and head of the antitrust practice, Pierino Stucchi and partner José Antonio Bezada, assisted by senior associate Raúl Alosilla Díaz and associate Fernando Ballón. Jorge Muñiz, founder partner of the firm, took part in the oral presentation of the case before the Indecopi free competition committee.
The seller, Sempra Energy International Holdings N.V., although it did not take part in the Indecopi procedure, was advised by Estudio Rodrigo, Elías & Medrano, led by partner Alejandro Manayalle and associate Fiorella Monge.