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News 17 May. 2007
May 17, 2007, New York, NY — Curtis, Mallet-Prevost, Colt & Mosle LLP represented the Bolivarian Republic of Venezuela (the "Republic") and Petróleos de Venezuela, S.A. ("PDVSA") in their recently concluded tender offers to acquire control of Compañía Anónima Nacional Teléfonos de Venezuela ("CANTV") and C.A. La Electricidad de Caracas ("EDC").
The pair of unique transactions involved cross border tender offers conducted simultaneously in Venezuela and the United States. The tender offers were conducted pursuant to agreements negotiated with Verizon Telecommunications, the principal shareholder of CANTV, which owned 28.51% of CANTV's shares, and The AES Corporation, the principal shareholder of EDC, which owned 82.14% of EDC's shares.
The Republic acquired approximately 80% of the outstanding shares of CANTV in its tender offer, bringing to approximately 86% the shares of CANTV owned or controlled by the Republic. The offer price reflected a US$2 billion valuation for CANTV. CANTV is Venezuela's primary provider of telecommunications services.
PDVSA acquired approximately 93% of the outstanding shares of EDC in its tender offer, at a price reflecting a US$900 million valuation for EDC. EDC is the primary provider of electricity and related services to Caracas and its surrounding areas.
Mergers and Acquisitions