NEW YORK, June 19 LAWFUEL – Press Release Service — Weil, Gotshal & Manges LLP, the international law firm, advised a consortium led by Brookfield Asset
Management Inc. (NYSE/TSX: BAM) (“Brookfield”), which includes Canada
Pension Plan Investment Board, British Columbia Investment Management
Corporation and another institutional investor, in its agreement to acquire
92% of the shares of HQI Transelec Chile S.A. (“Transelec”), the largest
electricity transmission company in Chile, from Hydro-Quebec International for U.S. $1.55 billion. The consortium has taken steps to acquire the
remaining 8% of Transelec in a separate, but contemporaneous transaction.
Transelec’s assets serve as the backbone of the Chilean electricity
sector. Transelec owns over 8,000 kilometres of transmission lines and 51
power substations, and its assets deliver electricity to approximately 99% of the Chilean population through various local distribution companies.
The closing of the transaction is scheduled for July 5, 2006 with
completion of the transaction subject to customary conditions. There are no regulatory approvals required to proceed with the transaction.
Brookfield is a 100 year old Canadian company focused on power, real
estate and other infrastructure assets. Brookfield has approximately $50
billion of assets under management located in Canada, U.S., South America
and Europe. Brookfield is co-listed on the New York and Toronto stock
exchanges under the symbol BAM.
[bcIMC is an investment management corporation based in Victoria, BC.
With over $76 billion in assets under administration with a global
exposure, and supported by industry-leading investment expertise, bcIMC
offers fund management services for all major assets classes, including
currency and infrastructure investment. bcIMC’s clients include pension
plans, provincial government operating and sinking funds, public trusts and insurance funds.
Canada Pension Plan Investment Board invests the funds not needed by
the Canada Pension Plan to pay current benefits. In order to build a
diversified portfolio of CPP assets, the CPP Investment Board is currently
investing cash flows in publicly traded stocks, private equities, real
estate, inflation linked bonds and infrastructure to balance the legacy
government bond portfolio. Based in Toronto, the CPP Investment Board is
governed and managed independently of the Canada Pension Plan and at arm’s
length from governments. At fiscal year end, the CPP fund totaled C$98
billion, including C$4.7 billion in private equity and infrastructure
Weil, Gotshal & Manges LLP’s Team
Partners: S. Wade Angus, Simeon Gold, J. Philip Rosen, Elaine Stangland
Associates: Nicholas Rodriguez, Mona Al-Sharmani, Alfredo Simon, Jr.
About Weil, Gotshal & Manges
Weil, Gotshal & Manges LLP is an international law firm of over 1,200
lawyers, including approximately 300 partners. Weil Gotshal is
headquartered in New York, with offices in Austin, Boston, Brussels,
Budapest, Dallas, Frankfurt, Houston, London, Miami, Munich, Paris, Prague,
Providence, Shanghai, Silicon Valley, Singapore, Warsaw, Washington DC and