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Colbun agrees to sale 100% of its subsidiary of Transmission un US $ 1,295 million

March 31, 2021

The agreement involves the sale of the subsidiary Colbun Transmisión S.A. to the company Alfa Desarrollo SpA, a consortium 80% controlled by APG Energy and Infra Investments, S.L. (part of APG, Dutch pension fund) and 20% by Celeo Redes, S.L.U (subsidiary of Celeo, Concesiones e Inversiones S.L.). The closing of the transaction is subject to compliance with the usual conditions for this type of operation, including the approval of the Fiscalía Nacional Económica (FNE the National Economic Competition Authority).

Today Colbun S.A. announced an agreement to sell 100% of the shares of its subsidiary Colbun Transmisión S.A. to the company Alfa Desarrollo SpA, 80% controlled by APG Energy and Infra Investments, S.L. (part of APG, Dutch pension fund) and 20% by Celeo Redes, S.L.U. (a subsidiary of Celeo, Concesiones e Inversiones S.L.), a transaction that includes the transfer of 899 kilometers of transmission lines and 27 substations that this company operates in the National Electric System, SEN.

The agreed price for the operation is US $ 1,295 million, notwithstanding the standard adjustments for this type of transaction stipulated in the respective contract.

The agreement announced today represents the successful culmination of a process that began on September 9th, 2020, when Colbún informed the market of the decision of its Board of Directors to invite local and international actors to explore their interest in entering the Colbun Transmisión S.A. ownership, either as the majority strategic partner or acquiring up to all the shares of the company.

“This is an agreement that benefits both parties, and that allows us to fully comply with the objective we set for ourselves that the market recognized the highest possible value of our transmission assets for the benefit of the Company, allowing us to strengthen Colbun’s position faced with its growth, especially in renewable energies”, said Colbun´s CEO Thomas Keller. The executive also stressed that “we are happy because the assets will remain in hands of renowned operator in the market”.

The closing of the transaction and the transfer of shares of Colbun Transmisión S.A. is subject to certain usual conditions for this type of operations, including the approval of the FNE in accordance with the provisions of D.L. 211 of 1973. However, the transfer is expected to be materialize during the current year.

Colbun was advised in this transaction by the Banks JP Morgan and BTG Pactual, and by the Law Firm Barros and Errazuriz Abogados.

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