Clifford Chance

Clifford Chance advises Brazil's Eletrobras on US$6.9 billion equity offering

Leading international law firm Clifford Chance has advised Centrais Elétricas Brasileiras S.A. (Eletrobras), Latin America's largest utility, as issuer in connection with its international offering and placement of its common shares outside Brazil, including a registered offering of American depositary shares in the United States. The company raised US$6.9 billion (R$29.3 billion), making this the second-largest equity deal of 2022, and the largest in the western hemisphere.

With the sale, the Brazilian Government will hold approximately 45% of the common shares of Eletrobras, with the ability to vote 10% of the class of common shares. Eletrobras' securities are listed at (i) B3 S.A.- Brasil, Bolsa Balcão (the São Paulo Stock Exchange), (ii) the New York Stock Exchange – NYSE, and (iii) the Spanish Stock Exchange - Latibex.

Partner Jon Zonis commented, "Our team is proud to have advised on this highly complex transaction, which involved both the privatization of Eletrobras and a corporate restructuring to transfer the control of certain subsidiaries."

Counsel Anja Pfleger Andrade added, "Having worked with Eletrobras for the last 14 years, it was very gratifying to guide them through this transaction, which was the second-largest privatization ever in Brazil."

Working with Zonis and Pfleger Andrade was a cross-border team including:

• New York: partner Avrohom Gelber, foreign law clerks Barbara Marques, Mariana Ferez and Ximena López, associates Sharon Yu and Tanner Schenewark, and professional support lawyer Rebecca Hoskins
• Madrid: partner Yolanda Azanza
• São Paulo: paralegals Igor Freire and Victoria Weaver