Pinheiro Neto Advogados has helped Brazilian bioethanol, energy and sugar producer Cosan acquire additional shares in gas distributor Comgás for 206.2 million reais (US$53 million).
The intermediary bank, BTG Pactual, relied on BMA - Barbosa, Müssnich, Aragão. The seller, investment group BC Gestão de Recursos, is understood to have relied on in-house counsel, but this could not be confirmed prior to publication. The deal closed on 4 June.
Cosan first obtained a minority stake in Comgás when it went public in 1996, but waited until 2012 to acquire a controlling interest by purchasing 60.1% from the BG Group, and another 16.77% share from Shell. In January this year, it acquired a further 14.77% stake through a voluntary public offering that priced the shares at 82 reais (US$21) each. In the latest offering, Cosan has acquired 1.88% of Comgás' capital stock, paying 83.16 reais (US$21.38) apiece.
Comgás is a distributor of piped natural gas in São Paulo state. It has over 1.7 million customers.
Counsel to Cosan
In-house counsel - Maria Rita de Carvalho Drummon, Ana Clara Machado Correa and Adriano Ortega Carvalho
Pinheiro Neto Advogados
Partner Guilherme Sampaio Monteiro and associate Frederico Menescal Rocha
Counsel to Banco BTG Pactual
In-house counsel - Felipe Andreu and João Mansur
BMA - Barbosa, Müssnich, Aragão
Partners Tatiana Amorim de Brito Machado and Rodolfo Constantino de Tella, and associate Alexandre Roscoe Lindenberg