Luz del Sur S.A.A. completed the acquisition of Sojitz Arcus Investment S.A.C. from Sojitz Corporation.
October 13, 2023
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Luz del Sur S.A.A. (BVL:LUSURC1) signed an agreement to acquire Sojitz Arcus Investment S.A.C. from Sojitz Corporation (TSE:2768) for approximately $130 million on March 28, 2023. The transaction is subject to evaluation of the authorities, including merger control clearance by the Peruvian National Institute for the Defense of Competition and the Protection of Intellectual Property (INDECOPI). Juan Pablo Porto of Cuatrecasas, , Leung, Robert W. and Huang, Mike F. of Paul Hastings LLP acted as legal advisor to Luz del Sur. McDermott Will & Emery LLP acted as legal advisor to Sojitz Corporation. As of September 26, 2023, INDECOPI approved the transaction. However, the company clarified that this authorization does not specify the purchase.
Luz del Sur S.A.A. (BVL:LUSURC1) completed the acquisition of Sojitz Arcus Investment S.A.C. from Sojitz Corporation (TSE:2768) on October 14, 2023.
Sojitz Corporation is a diversified group organized around 10 business segments:
- distribution of chemicals products (25.4% of sales): organic, basic and specialty chemicals, plastic products, resins, etc;
- mining operations (22.2%): coal mining, alumina refining, sale of steel products and ferrous and non-ferrous metals, etc;
- distribution of large consumer products (17.6%): clothing and accessories, textile products, home and decorative articles, etc;
- automobile assembly and sales (11.6%);
- production and sale of food products and ingredients (7.8%);
- sale of industrial machinery and equipment and development of health facilities (6.9%);
- development and operation of energy and telecommunications infrastructure (3.6%);
- industrial infrastructure operation, property management and urban development (2%);
- aircraft and ship sales (1.7%). The group also develops activities in the operation of airport and rail infrastructure;
- other (1.2%): provision of financial services, logistics services, consulting, etc.