Brookfield-led consortium completes Transelec takeover

The consortium led by Canadian investment fund Brookfield (NYSE: BAM) has completed the acquisition of Chilean transmission firm Transelec for US$1.7bn, Brookfield said in a statement. The Brookfield consortium acquired Canadian power company Hydro Québec's 92% stake in Transelec as well as the remaining 8% from the World Bank's International Finance Corporation ( IFC). Brookfield will manage the consortium, in which it has a 30% stake. Other consortium members include the Canada Pension Plan Investment Board (CPP), British Columbia Investment Management Corporation and another institutional investor. Canada's Scotia Capital and the UK's HSBC Bank (NYSE: HBC) agreed to provide US$600mn in debt financing for the acquisition from Hydro Quebec, BNamericas previously reported. Transelec supplies electricity to roughly 99% of the Chilean population through local distribution companies. Its network includes 8,300km of lines and 51 substations. Both Brookfield and IFC officials were unavailable for comment on Monday as a result of Canadian and US national holidays.