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Gebbras Participações, the Brazilian subsidiary of Grupo Energias de Bogotá (GEB), acquired an additional 49% stake in 4 transmission assets from Axia Energia, totalling 1,086 km in length and an annual permitted revenue (RAP) of R$280 million.

GEB is a Colombian conglomerate with more than 125 years of history and operations in the energy transmission, gas transportation and renewable generation segments. It is listed on the Colombian stock exchange, with a market value of US$8.3 billion.

Axia is the largest energy company in Brazil, with 44GW of installed renewable generation capacity and a market value of US$30 billion.

The transaction enabled Gebbras to increase its stake in strategic assets, consolidating control and capturing operational synergies. Axia continued the portfolio optimisation, capital recycling and corporate simplification strategy it began with its privatisation in 2022.

The transaction involved negotiations between highly experienced partners in the sector, in which maintaining a good relationship and a fair valuation of the assets was essential.

One Partners advised Gebbras.

Grupo Casas Bahia carried out a broad financial restructuring, which resulted in the conversion of ~R$6.5 billion of debt into equity. The transaction involved a voluntary offer to convert several series of debentures under a structure that was innovative for the Brazilian capital markets.

Grupo Casas Bahia is one of the largest retail groups in Brazil, with ~R$30 billion in net revenue and more than a thousand physical stores.

The transaction was carried out in two stages, combining the reprofiling and conversion of debentures, which resulted in a change of control of the company.

One Partners advised Grupo Casas Bahia.

Ultragaz acquired a 51.7% stake in Witzler Energia for a total of R$150 million, split between a primary and a secondary tranche.

Headquartered in Bauru, Witzler Energia was one of the pioneers in migrating retail customers to the free energy market, generating significant savings for its customers. Ultragaz is one of the largest gas distributors in Brazil, controlled by Grupo Ultra, one of the largest business groups in Latin America. The transaction combined Witzler's expertise in the energy market with Ultragaz's customer base, creating a new business vertical for Grupo Ultra.

One Partners advised Witzler Energia.

In December 2021, Eurochem announced the acquisition of control of Fertilizantes Heringer, valuing the company at R$2.6 billion.

Founded in 1968, Fertilizantes Heringer experienced strong growth in the early 21st century, becoming the first and only listed fertiliser distributor in Brazil.

Eurochem is a global producer of nitrogen, phosphate and potassium fertilisers, with plants in Russia, Belgium, Lithuania and Kazakhstan.

The combined company (Fertilizantes Tocantins, held by Eurochem, plus Fertilizantes Heringer) became one of the three largest players in the Brazilian fertiliser distribution market, with plants in 13 Brazilian states across all 5 regions of the country and a production capacity of ~9 million tonnes.

One Partners advised Heringer.

Over the course of 2017 and 2018, Uisa (formerly Usinas Itamarati) carried out a restructuring of its indebtedness.

Founded in the 1980s, Uisa is the largest sugarcane mill in Brazil's Centre-West region, strategically located to access the North of Brazil market.

Most of the debt reduction was achieved through bilateral negotiations with financial creditors holding claims against the company. The renegotiation process reduced debt from R$1.7 billion in 2017 to R$294 million in 2019.

One Partners advised UISA throughout the entire process.