Inversiones Alxar S.A. entered into an agreement to acquire 40% stake in Cumbres Andinas SA from Minsur S.A. (BVL:MINSURI1) for a transaction valued at $200 million on April 23, 2018. Based on the price adjustment formula agreed between the parties and the balance estimated at April 30, 2018 of Cumbres Andinas, a cash payment of $168.5 million is estimated, a figure that may be modified according to Cumbres Andinas final balance sheet. The value of consideration to be paid is subject to closing adjustments as well as subject to working capital adjustments and adjustments related to capital expenditure. Following the deal, Minsur will retain 60% ownership in Cumbres Andinas which holds the Mina Justa greenfield copper project. The transaction is subject to regulatory approvals and other customary closing conditions. David Williams, Juan M. Naveira, Karen McClendon, Erika Tang, Santiago Balbi, Rob Holo, Jasmine Hay, Marcela Robledo and Ellen Frye of Simpson Thacher & Bartlett LLP and José Tomás Guzmán Rencoret and Juan Francisco Guzmán Rencoret of Portaluppi Guzmán y Bezanilla, Rafael Boisset, Rafael Lengua, Hernán Torres, Fabiola Capurro, Sergio Cueva, David Cueva, Marco Castañeda, Margarett Matos and Camila Diaz-Cano of Philippi Prietocarrizosa Ferrero DU & Uría acted as legal advisors to Inversiones Alxar S.A. Evercore Inc. (NYSE:EVR) acted as financial advisor to Inversiones Alxar S.A. Sergio J. Galvis, Werner F. Ahlers, S. Eric Wang, Michael Orchowski, Rebecca S. Coccaro, Benjamin S.D. Kent, Alexander J.F. Metz, Jason W. Schnier, Slki Hong and Sarah Remmer Long of Sullivan & Cromwell and Jean Paul Chabaneix, Luis Carlos Rodrigo, José Talledo, Nicolás Cornejo and Cecilia Cánepa of Rodrigo, Elías & Medrano acted as legal advisors for Minsur.