IG4 Capital finalizes tender offer to become largest shareholder of one of the largest infrastructure players in Peru
Brazilian private equity firm expands its operations in Latin America outside of Brazil
IG4 Capital announced that on Thursday, August 5th, 2021, its tender offer for 107,198,601 common shares (representing a 12.29% stake) of Aenza S.A.A. (“Aenza”), formerly known as Graña y Montero S.A.A, one of the largest infrastructure platforms in Peru, had expired and IG4 Capital has acquired the 107,198,601 shares as per the tender offer’s minimum price of 1.88 soles per share (approximately USD 0.45 per share).
In addition to this, IG4 acquired a 12.84% stake (or 111,945,909 shares) from members of the founding family and former executives of Aenza and had 76,159,422 shares (representing an 8.73% stake in Aenza) transferred to a trust controlled by IG4 Capital under authorization from the Peruvian authorities and regulators. As a result of these transactions, IG4 now controls 295,303,932 shares of Aenza, or 33.87% of the company’s total capital, making IG4 the company’s largest shareholder and with relevant influence to guide Aenza’s turnaround and growth strategy.
The equity disbursement on behalf of IG4 Capital in the transaction totals approximately USD 58 million from IG4 Private Equity Fund II and managed accounts. IG4 Capital also is deploying an additional USD 22 million to invest in convertible debentures alongside a syndicate of creditors to secure working capital to Aenza in the short term.
IG4 Capital is a specialist alternative investment manager focused on generating superior performance with purpose through value creation, ESG integration and sustainable capitalism in Latin America. By integrating ESG into its core investment and engagement processes of turning around companies under special situations, IG4 generates long-term financial returns with impactful environmental, social and governance benefits. IG4 currently has 28 investment professionals across five offices (São Paulo, Santiago, Lima, London, and Madrid) and currently manages approximately US$1.1 billion across two funds (IG4 Private Equity Funds I & II).
IG4 Capital currently controls Iguá Saneamento S.A. (“Iguá”), the third largest private water and sewage operator in Brazil, and one of the most successful financial and operating turnaround stories in Latin America. IG4 also controls Opy Health, a hospital infrastructure and logistics platform in the Brazilian healthcare market, as well as CLI (Corredor Logístico Integrado), one of the operators of one of the largest grains terminals in Brazil (TEGRAM).
Aenza is one of the largest infrastructure platforms in Peru, with permanent operations in Peru, Chile and Colombia. The company is active in the engineering & construction, infrastructure and utilities concessions, oil & gas exploration, production and processing, and real estate segments. The company has 88 years of experience operating in 13 countries across Latin America and it currently has over 14 thousand employees.
Aenza’s infrastructure arm controls Line 1 of the Lima Metro, 3 toll road concessions spanning 1,011 kilometers, fuel storage terminals, and a water treatment operation that has 2.6 million beneficiaries. Aenza is listed on the Lima Stock Exchange and has American Depositary Receipts (ADRs) listed on the New York Stock Exchange.