Cristián Eyzaguirre

Partner

ceyzaguirre@carey.cl
+56 2 2928 2209



Partner of Carey and co-head of the firm´s Mergers & Acquisitions and Capital Markets Groups. His practice focuses on advising local and foreign clients in mergers and acquisitions, private equity and venture capital. The foregoing is combined with an extensive practice on joint ventures, shareholders agreements and corporate governance in general. With respect to capital markets, he advises issuers, investors and brokers, with a special focus on fund formation, structuring, registration and management of investment funds.


REPRESENTATIVE EXPERIENCE

  • Celeo Redes and APG Energy & Infra Investments on the acquisition of 100% of Colbún Transmisión, a subsidiary of Colbún for approx. USD 1.3 billion and on the financing of the acquisition through the issuance and placement in the international markets (144A/Reg. S) of a senior bond for approx. USD1.1 billion.
  • Algonquin Power & Utilities Corp. on the acquisition of Empresa de Servicios Sanitarios de Los Lagos (ESSAL), a water utilities company with operation in the south of Chile, from Aguas Andinas for USD172.4 million and on the latter divestment of part of the indirect stake in ESSAL to the investment fund Toesca Infrastructura II. Also, inthe water utility industry, advised Sembcorp Industries on the sale of its business in Chile to Sacyr for approx. USD40 millon, and Antofagasta PLC, on the sale to Empresas Públicas de Medellín of 100% of the shares of Aguas de Antofagasta, a wáter utility company with operations in the north of Chile, for USD965 millon.
  • Patria Investments on the association with Moneda Asset Management, to create a regional asset manager of more than USD25.9 billion of AUM, through the purchase of Moneda with a combination of cash and shares issued by Patria.
  • Scotiabank on the acquisition of the control of BBVA Chile for USD2.2 billion from Banco Bilbao Vizcaya Argentaria, on the mandatory tender offer process for up to 100% of the shares of BBVA Chile, and the further merger of BBVA into Scotiabank Chile, resulting in the latter becoming the third largest private bank in Chile. The acquisition and the following merger required regulatory approvals in Chile (SBIF, CMF and FNE) and Canada. Subsequently, on the merger of the financial advisory subsidiaries, stockbroker, insurance broker, general fund manager, factoring and leasing.
  • Credicorp Capital, through a USD27 million investment fund, on the joint venture with Maestra to develop residential real estate project in Santiago, Chile; and also, regulatory advice with respect to other investment funds managed by Credicorp Capital Asset Management.
  • International Finance Corporation (IFC) on several M&A transactions, such as the investment of USD225 million in shares of Corpbanca; the investment of USD140 million in Consorcio Financiero; the sale of 8.76% of Inversiones Magallanes; the investment of USD15 million in Copeval; and the sale of its stake in Factorline. Also, on several capital markets transactions such as IFC investment in two asset-back bonds originated by Copeval, and on USD10 millon commercial papers issued by Fondo Esperanza, the first “social” and gender focus bond in Chile.
  • UnitedHealth Group on the acquisition of Banmédica, a Chilean health insurance, healthcare and medical rescue conglomerate, with presence in Chile, Colombia and Peru, for USD2.8 billion in January 2018, becoming the largest health industry M&A in Chile until that date and chosen as Deal of the Year by Latin Lawyer. Subsequently, during 2018 and by means of succesive operations in the Santiago Stock Market for USD56 million, UnitedHealth Group increased its participation in Banmédica.
  • Christus Health, a not-for-profit institution and one of the ten largest healthcare operators on the US, on the acquisition of 50% of Red Salud UC, the largest private healthcare group in Chile, owned by Universidad Católica de Chile, and on the negotiation of corporate governance issues; and on the acquisition of 50% of Clínica San Carlos de Apoquindo.
  • Codelco on several operations, such as the mining coordination, planning and operation agreement of the neighboring operations Los Bronces (Anglo American) and Andean Division (Codelco); the acquisition, through its subsidiary Acrux, of 29.5% of the property of Anglo American Sur for USD2.8 billion, and the financing of the deal by Mitsui; and the issuance of 10-year bonds for USD400 million approx. (UF10 million) in the local market. This bond is the comeback of Codelco after more than 10 years to the local bond market.
  • Teck Resources on a joint venture with Sumitomo for the investment of USD1,2 billion in Compañía Minera Quebrada Blanca (in exchange for 30% of the company) for the development and construction of the Quebrada Blanca Phase II project. Previously, he advised Teck Resources on a USD3.5 billion joint venture with Goldcorp to combine its Chilean assets, Relincho and El Morro respectively, into the New Union Project. Previously, on the acquisition of 13.5% stake in Quebrada Blanca from Grupo Hurtado.
  • Falabella on several operations, such as the issuance and placement in the international markets (144A/Reg. S) of a bond for approx. USD650 million; a capital increase of Falabella and secondary shares offering in the local and international markets (144A / Reg. S) for a total of USD800 million. Also, on the sale of Viajes Falabella to Despegar.com for USD27 million and several reorganization (split-up and mergers) of the subsidiaries of Falabella.
  • Danaher Corporation on different acquisitions in Chile, such as Aguas Industriales (Aquasin), Termodinámica, M-Dent and the labeling business from Vigatec.
  • The controlling group of Falabella on the preparation of their new shareholders´agreement that regulates the corporate governance of the company.

AWARDS AND RECOGNITIONS

  • Recognized in Corporate/M&A and Capital Markets, Chambers Latin America and Chambers Global.
  • Recognized in Corporate/M&A, The Legal 500.
  • Recognized in Corporate and M&A, Capital Markets, Mining & Metals and Private Equity, Latin Lawyer 250.
  • Recognized in M&A, Capital Markets and Private Equity, IFLR1000.
  • Recognized in M&A and Corporate Governance, Who’s Who Legal.
  • Recognized in Corporate and M&A, LACCA.
  • Recognized in Corporate and M&A, Capital Markets, Corporate Governance and Compliance, Investment, Private Equity and Venture Capital, Best Lawyers.
  • Recognized in Capital Markets and Coporate and M&A, Top Ranked Legal.
  • Named Lawyer of the Year in Private Equity, Best Lawyers (2020).
  • Recognized as Lawyer of the Year in Investment Funds, Leading Lawyers (2014).

ACTIVITIES AND MEMBERSHIPS

  • Member of the Latin American Private Equity & Venture Capital Association (LAVCA).
  • Member of the International Section and Latin America Council of the New York State Bar Association.
  • Member of the Aliança de Advocacia Empresarial (ALAE).
  • Professor of Mergers & Acquisitions, Universidad Los Andes (since 2017).
  • Professor of the Degree in Compliance and Corporate Governance, Universidad Católica de Chile (since 2017).
  • Member of the Commission for the new Commercial Regulation in Chile (2016-2017).
  • Writing advisor for the regulation of the Law 20,659: "Companies incorporated in one day" for the Ministry of Economy, enacted in 2013.
  • Writing advisor of the bill project for the New Regulation on Corporations for the Ministry of Finance, enacted in 2012.
  • Professor of Mergers & Acquisitions, Universidad Adolfo Ibáñez (2009-2015).
  • Foreign associate, Corporate Group, Pinheiro Neto Advogados, Sao Paulo (third quarter of 2006).
  • Foreign associate, M&A Group, Skadden, Arps, Slate, Meagher & Flom, New York (2005-2006).
  • Professor of Commercial Law and Corporations, Universidad Alberto Hurtado (2004-2011).
  • Member of the Chilean Bar Association.
  • Member of the International Bar Association.

PUBLICATIONS

  • Periodic opinion columnist on private equity and venture capital, Revista Industria Legal.
  • Author of the articles "The corporate governance of Private Equity & Venture Capital funds" (2021), "Venture Capital: The language of Private Equity" (2021) and "Crowdfunding - Public Offer Exempt from Registration (2020), Revista Industria Legal.
  • Co-author of "Proposal to Facilitate the Merger of Chilean Companies into a Foreign Company", Estudios de Derecho Comercial en Sextas Jornadas Chilenas de Derecho Comercial, Ediciones UC (2017).
  • Co-author of the Chilean chapter in Private Equity, Getting the Deal Through (2017).
  • Co-author of "Transactions with related parties in public corporations", Actualidad Jurídica, year XVI, N°31, Universidad del Desarrollo (2015).
  • Co-author of the Chilean chapter in Mergers & Acquisitions, Getting the Deal Through (2009-2013).
  • Co-author of the Chilean chapter in Securities World, The European Lawyer, London (2007).
  • Co-author of the Chilean chapter in Directors’ Liability: A Worldwide Review, Kluwer Law International, Netherlands (2006).
  • Co-author of the Chilean chapter in International Stock Purchase Acquisitions, American Bar Association, Chicago (2006).
  • Co-author of the Chilean chapter in Merger Control Worldwide, Cambridge University Press, Cambridge (2005).

SEMINARS

  • Frequent panelist in legal seminars and conferences in Chile and abroad.

EDUCATION

  • Law, Universidad de Chile (Summa Cum Laude).
  • Master in Securities and Financial Regulation, Georgetown University Law Center (2002).

ADMISSIONS

  • Chile (2001).

LANGUAGES

  • Spanish.
  • English.
  • Portuguese.