Latham Advises IEnova on Latin America’s Largest Equity Offering of 2016

Deal includes an international private offering and concurrent public offering through the Mexican Stock Exchange.

November 8, 2016

Latham & Watkins advised Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) on its US$1.6 billion follow-on equity offering, the largest equity offering in Latin America in 2016. IEnova, the Mexican subsidiary of Sempra Energy, will use the proceeds to fund the purchase of Petróleos Mexicanos’ (Pemex) stake in Gasoductos de Chihuahua, one of the largest pipeline operators in Mexico, and the purchase of the Ventika wind generation facilities, Mexico’s largest wind farm. The offering, priced at 80.00 pesos per share or approximately US$4.22 per share, included an international private offering and a concurrent public offering through the Mexican Stock Exchange.

The IEnova transaction brings the total amount of global equity capital markets offerings in which Latham served as counsel during the period of January 1-October 31, 2016 to 212 deals worth more than US$67 billion.

Latham also advised IEnova on its US$598 million global initial public offering of common stock in 2013, which was the first public offering in Mexico and listing on the Mexican Stock Exchange by an energy company.

Partners Roderick Branch and Michael Sullivan, both members of the firm’s Latin America Practice, led the Latham team that advised IEnova on its 2016 follow-on equity offering and 2013 IPO.

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