Sociedad Transmisora Metropolitana SpA agreed to acquire 99.09% of stake in Enel Transmisión Chile S.A. (SNSE:ENELTXCH) from Enel Chile S.A. (SNSE:ENELCHILE) for $1.3 billion on July 28, 2022. The agreement provides that STM will pay an equity consideration of $1,345 million for the entire stake held by Enel Chile in Enel Transmisión Chile, equal to $1,526 million of enterprise value, subject to a price adjustment mechanism based on an interest rate from January 1st, 2022 until the launch date of the full takeover bid. The sale will be carried out through a full takeover bid STM has committed to launch following approval from Chilean antitrust authority Fiscalía Nacional Económica (FNE) and is subject to certain conditions precedent customary for these kinds of transactions.

The execution of the Purchase and Sale transaction and the consequent transfer of the shares owned by Enel Chile issued by Enel Transmisión Chile S.A. has been subject to certain suspensive conditions usual for this type of transactions, including the approval of the National Economic Prosecutor's Office. The closing of the transaction is expected by the end of the year. Maurizio Levi-Minzi of Debevoise has advised Ontario Teachersâ and Alberta Investment Management Corporation in the acquisition.

BofA Securities acted as a financial advisor in the transaction.