Morgan & Morgan

Morgan & Morgan

507.265.7777
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Morgan & Morgan
MMG Tower, 23rd Floor Ave. Paseo del Mar, Costa del Este Panama City Rep. of Panama

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Morgan & Morgan advised the Panamanian Government in US$647 million acquisition of toll road concession

Wednesday, 17 October 2012 / Published in Ana Castrellon, Gilbert Mallol, Inocencio Galindo, Mergers & Acquisitios, Ramon Varela, Roberto Vidal

Morgan & Morgan advised the Panamanian Government in US$647 million acquisition of toll road concession

Panamanian law firm Morgan & Morgan represented the Ministry of Economy and Finance, Empresa Nacional de Autopista, S.A. (ENA), and ENA Norte, S.A. (an affiliate of ENA), in the acquisition of the Corredor Norte, a toll road concession in the Republic of Panama.  The firm’s advice and participation consisted of, among others, the creation of a special purpose vehicle, subsequently capitalized by Pycsa Panamá, S.A. (the original Concession holder) by transferring the Concession and its related assets; structuring the different components of the operation; drafting and reviewing the required documents and agreements; and procuring regulatory approvals and opinions required in order to complete the US$647 million transaction.

The shares of the new Concession holder (the special purpose vehicle) were transferred to a trust, which – upon dissolution of said special purpose vehicle – will acquire and sell the Concession to ENA Norte, S.A.

From Morgan & Morgan, partners Inocencio Galindo and Ramon Varela, and associates Roberto Vidal, Gilbert Mallol, and Ana Cristina Castrellon, assumed the principal responsibility in this matter.

La firma panameña de abogados Morgan & Morgan representó al Ministerio de Economía y Finanzas, Empresa Nacional de Autopista, S.A. (ENA) y ENA Norte, S.A. (filial de ENA), en la adquisición del Corredor Norte, una carretera de peaje en la República de Panamá.

La asesoría y participación de la firma consistió, entre otras cosas, en la creación de un vehículo de propósito especial, posteriormente capitalizado por Pycsa Panamá, S.A. (la Sociedad concesionaria original) mediante la transferencia de la Concesión y los activos relacionados, la estructuración de los diferentes componentes de la operación, la redacción y la revisión de los documentos requeridos y acuerdos, y la adquisición de las aprobaciones regulatorias y opiniones legales previstas para completar la transacción valorada en EE.UU. $647 millones.

Las acciones de la nueva Sociedad concesionaria (el vehículo especial) fueron transferidas a un fideicomiso, que – tras la disolución de dicho vehículo especial- adquirirá y venderá la concesión a ENA Norte, S.A.

De Morgan & Morgan, los socios Inocencio Galindo y Ramón Varela, y los asociados Roberto Vidal, Mallol Gilbert y Ana Cristina Castrellón, asumieron la responsabilidad principal en este asunto.

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