Morgan & Morgan advise in US$647 million acquisition of toll road concession
October, 2012 - Panama, Panama
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.
