Inversiones Cachagua Limitada made an offer to acquire remaining stake in AES Andes S.A. (SNSE:AESANDES) for CLP 460 billion on December 6, 2021. As per terms, Inversiones Cachagua Limitada shall acquire 3,426,432,504 shares at CLP 135.14 per share. The consideration will be funded through a combination of non-recourse debt and liquidity available.

An amount of CLP 137.7 billion will be funded from current resources available and the remaining CLP 288.7 billion will be funded from Non Recourse debt. The tender offer period begins from December 6, 2021 and expiration is expected to be on or about January 5, 2022. The tender offer is subject to extension and certain conditions.

As of January 10, 2022, all the conditions were fulfilled. This transaction is significantly cash and earnings accretive for AES shareholders by unlocking the value of AES Andes that was not reflected in its share price.