Guerrero Olivos assisted represented CGE, Naturgy in the sale of its affiliate, Transemel, to Portuguese company REN, which acquired Transemel through its local affiliates Apolo Chile and Aerio Chile, represented by Prieto Abogados.

Complexity to this transaction was that CGE is an open corporation and therefore, subject to several regulatory requirements, which always add intricacy to this kind of operations. Also, from a jurisdictional angle, we had deal with the Spain and Portugal teams. CGE’s holding company is Naturgy (former Gas Natural Fenosa) who in 2014 acquired CGE’s 96.50% and the buyer Redes Energéticas Nacionais (REN), a leading Portuguese company in high-voltage electrical transmission and Natural Gas transportation, in addition to the general technical management of both the National Electric System and the National Natural Gas System. This is the second relevant investment of REN in Chile, after acquiring 42.5% of Electrogas in 2017.

The involved jurisdictions: Chile, Spain and Portugal

The deal value: USD 167,461,707

Counsels to CGE, Transemel and Natury Agencia en Chile: Guerrero Olivos

Leading partners Roberto Guerrero and Macarena Ravinet . Senior associates Josefina Yávar and Tomás Kubick and associate César Gálvez

In-House counsels


Rafael Salas, CLO

Ernesto Peñafiel, General Counsel


Miguel Medina, Counsel

Counsels to REN- Redes Energéticas Nacionais, SGPS, S.A. (“REN”), Apolo Chile SpA. (“Apolo Chile”) and Aerio Chile SpA. (“Aerio Chile”): Prieto Abogados

Leading Partner Cristóbal Villarino and associates Juan Andrés Ilharreborde, Isabel Monge, Camila Kutz, Agustín Martorell, Iván Torrealba, Francisco Lathrop e Isidora Ilharreborde.

In-House Counsel REN

Marta Almeida Afonso

Ana de Brée

Diogo Macedo Graça