24 LEXPERT MAGAZINE
|
APRIL 2016
BIG DEALS
$1.66 billion. is was the biggest Canadian
IPO in the last 15 years.
Pursuant to an underwriting agreement
dated October 29, 2015, the Province of
Ontario also granted to the underwriters
an over-allotment option to purchase up to
8,150,000 additional common shares at the
offering price. e sale of the additional com-
mon shares was completed on November 12,
2015, and increased the gross proceeds from
the initial public offering by an additional
$167 million, resulting in total gross pro-
ceeds to the Province of $1.83 billion.
Hydro One delivers electricity to over 1.3
million customers across the province of On-
tario, and to large industrial customers and
municipal utilities. Hydro One owns and
operates Ontario's approximately 29,000 km
high-voltage transmission network and an
approximately 123,000 circuit km primary
low-voltage distribution network.
e common shares of Hydro One are
listed on the TSX under the symbol "H."
Hydro One was represented by Osler,
Hoskin & Harcourt LLP with a team that
included Steven Smith, Michael Innes, Des-
mond Lee, Brian Gray, Amelia Miao, Lauren
Lefcoe and Rebecca Wainstein (corporate),
Andrew MacDougall, John Valley and Justin
Dharamdial (corporate governance), Patrick
Marley and Amanda Heale (tax), Heather
McKean, Danna Donald and Joshua Lam
(banking and financial services) and Richard
Wong (energy and infrastructure). McCar-
thy Tétrault LLP represented Hydro One
on labour and employment matters with a
team that consisted of Paul Boniferro, Ben
Ratelband and Melissa Kennedy.
e Province of Ontario was represented
in-house by the Ministry of the Attorney
General (MAG) Civil Law Division and by
Torys LLP with a team that included Sha-
ron Geraghty, Glen Johnson, Aaron Emes,
Konata Lake, Leah Frank, Miranda Cal-
laghan, Addie Buhr, Jordan Fenton, Henry
Ren, Min Kim and Brian Unger (corpo-
rate/securities), Andy Beck (US securities),
Charles Keizer and Jonathan Myers (energy
regulatory), Jerald Wortsman (tax), Richard
Balfour (governance), Bill Estey (research),
Amanda Balasubramanian and Nina Man-
soori (lending), David Steele (trust), Don
Roger and Sarah Crowe (real estate).
e underwriters were represented in
Canada by Blake, Cassels & Graydon LLP
with a team that included Brendan Reay, Mi-
chael Gans, Richard Turner, Tim Phillips,
Alison Desipio, Joe Zed and Georgia Brown
(securities), and Kathleen Penny and Chris
Van Loan (tax); and in the US by Skadden,
Arps, Slate, Meagher & Flom LLP with a
team led by Riccardo Leofanti that included
Colin Brown.
AECON GROUP AND AIRPORT
DEVELOPMENT CORPORATION
SELL MAJORITY INTEREST
IN QUITO INTERNATIONAL
AIRPORT TO GRUPO
ODINSA AND CCR
CLOSING DATE: DECEMBER 10, 2015
GEORGE BAPTISTA
MAYER BROWN LLP
KURT SARNO
BLAKE, CASSELS
& GRAYDON LLP
On December 10, 2015, Aecon Group Inc.
(Aecon) and Airport Development Corpo-
ration, through its subsidiary ADC Man-
agement Ltd. (ADC), completed the sale of
their combined indirect majority interest
in Quiport Holdings S.A. (Quiport Hold-
ings) (the holding company for Corpo-
ración Quiport S.A. (Quiport), the conces-
sionaire of the Mariscal Sucre International
Airport in Quito, Ecuador (the Airport))
to Grupo Odinsa S.A. (Odinsa) and CCR
S.A. (CCR).
In connection with the transaction, ADC
and HAS Development Corporation, a sub-
sidiary of the Houston Airport Authority,
also sold ADC & HAS Management Ltd.,
the operator of the Airport (the Operator),
to Odinsa and CCR.
Aecon sold its 45.5 per cent interest in
Quiport Holdings for US$232.6 million,
CCR paid US$46,194,280 for the interests
it acquired in Quiport Holdings and the Op-
erator, and Odinsa financed the acquisition
of the interests it acquired in Quiport Hold-
ings and the Operator in part with a US$194
million credit facility from Itaú BBA (Itau).
ADC and HAS did not disclose the sale
price of their interests in Quiport Holdings
or the Operator.
Blake, Cassels & Graydon LLP acted
for Aecon and ADC with a team led by Kurt
Sarno and which also included Rory ffrench,
Andrew Clark and Zac Resnick (M&A),
Joshua Krane (antitrust), Jeffrey Shafer (tax),
Alexis Levine (financial services), and Mi-
chael Dixon (anti-corruption).
Mayer Brown acted for Odinsa with a
team led by George Baptista and Christian
Fabian and which also included Juan Pablo
Moreno and Isabella Jaramillo.
Millbank, Tweed, Hadley & McCloy
acted for CCR with a team led by Andrew
