News

22 January 2019

Condor Trust acquired a controlling participation in Cielos Patagónicos S.A.

Marval, O'Farrell & Mairal advised over 180 selling shareholders (the “Selling Shareholders”) of Cielos Patagónicos S.A. (the “Company”) in their divestment in the Company. Perez Alati, Grondona, Benites & Arnsten acted as advisors of the purchaser, the Condor Trust (the “Purchaser”) for such purpose, who purchased approximately 80% of the Class A voting stock and approximately 60% of the Class B non-voting stock of the Company.

The Company, which was originally founded over 20 years ago, was owned by several hundred individual shareholders (which originally numbered over 300) of which approximately 180 accepted the offer of the Purchaser to purchase the shares.

As a consequence of the amount of Selling Shareholders involved in the transaction, the volume of documents and preparation for closing posed a substantial challenge for the involved counsels, which was tackled by successful teamwork and planning of the advisors of the sellers and the purchasers.

Considering the value of the shares paid at closing, the Company was valued at approximately U$S 17,000,000.

Counsel to Purchaser

Perez Alati, Grondona, Benites & Arnsten

Partners Guillermo Quiñoa and Vanina Veiga alongside associates Florencia María Piazzardi, María Lourdes Arias and Catalina Mones Ruiz

Read article published in Lex Latin

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