Sale of Heller shares in Azul Azul would be completed no later than September 25

The sale of Carlos Heller’s shares in Azul Azul continues to advance, and the signing for the transfer of 63% of the Club Universidad de Chile concessionaire has already been dated.

Through a letter sent on September 4 by Redwood Capital, an investment bank hired for the operation, it was proposed to Inversiones Alpes, a company through which Heller participates in Azul Azul, to set the next deadline for signing the contract September 25th.

In fact, the letter maintains that “This is related to the offer dated July 20, 2020 made by Redwood Capital on behalf of one of its clients, and accepted on July 21, 2020 by Inversiones Alpes”, this for the purchase of more than 28 million shares of Azul Azul through a takeover bid.

In this way, the letter confirms that the offer is accepted.

The text proposes to modify paragraph 9 of the contract in question, this in order to give the parties additional time to agree on the terms, establishing that “The contract will be signed once the parties agree on its terms, a date that cannot be beyond Friday, September 25, 2020”.

The offer would involve about $ 390 per share, which involves about $ 14 million, but apparently, due to the debts of Azul Azul, which includes a loan to Santander for $ 5 billion, that value is less than the $ 594 that the stock trades today on the Santiago Stock Exchange.

As published by La Tercera on July 24, those familiar with the operation maintain that Azul Azul has already informed the CMF through an essential reserved fact that Heller’s shares are in the process of being sold. That Heller already has an agreement with a buyer, an investment fund of which it is still unknown who it belongs to. Therefore, the next step, they point out, is for the buyer to launch an OPA (Public Offering of Shares) to announce their desire to acquire Heller’s papers in Azul Azul, which would be in the short term.