APG and the Chilean company Celeo Redes, S.L.U. – or briefly Celeo – signed a shared purchase agreement to acquire 100% of the transmission line business of Colbún Transmisión, S.A. With this agreement both APG and Celeo increase their presence in the transmission market in Chile doubling their portfolio and strengthen their position as one of the Chilean leading transmission players.
Colbún Transmisión S.A. consists of 29 operational transmission line assets totaling 899 km and 27 transmission substations located across Chile. The portfolio accounts for c. 5% of the total transmission market in Chile. Through this acquisition, APG and Celeo will become the second largest player in the regulated Chilean transmission market.
APG will acquire an 80% stake in the company on behalf of its pension fund clients ABP and PPF APG, with Celeo acquiring the remaining 20%. The transaction is subject to the approval of the relevant antitrust authorities. The closing of the transaction is expected to take place in the second half of 2021.
Ron Boots, Head of Infrastructure Europe at APG: “We are pleased with today’s agreement and acquiring such a strong foothold in the Chilean transmission market through the acquisition of Colbún Transmisión together with Celeo. We are always looking for solid, stable infrastructure investments because they help us to realize profitable and long-term returns for our pension fund clients and their participants.”
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