Inversiones y Rentas S.A. (IRSA)’s $144 Million Offering to increase its stake in Compañía Cervecerías Unidas (CCU)

Milbank and Claro & Cia advised IRSA on the deal.
Cleary Gottlieb Steen & Hamilton and Morales & Besa advised Goldman Sachs & Co.

Inversiones y Rentas S.A. (“IRSA”) executed its tender offer to purchase up to 16,390,172 issued and outstanding shares of common stock, no par value, of Compañía Cervecerías Unidas S.A., an open stock corporation organized under the laws of the Republic of Chile, whether in the form of Shares or American Depositary Shares of CCU, representing 4.44% of CCU’s outstanding Shares.

The Offer was conducted in accordance with applicable United Statessecurities laws and the 5th paragraph of Article 198 of Chilean Law No. 18,045, by means of a formal offer to purchase filed with the Securities and Exchange Commission on Schedule TO and expired on June 17, 2021.

IRSA, a Chilean closely held corporation, is a joint venture between Quiñenco S.A., one of the largest and most diversified business conglomerates in Chile, and Heineken Chile Limitada, a Chilean limited corporation controlled by Heineken Americas B.V., a subsidiary of Heineken International B.V.

Milbank advised Inversiones y Rentas S.A. (IRSA) with Marcelo A. Mottesi (Picture), Andrew R. Walker,  Sam Badawi, Gonzalo Guitart, Marcela Barba and  David G. Hanno.

Claro & Cia. advised Inversiones y Rentas S.A. (IRSA) with Rodrigo Ochagavia Eguiguren and Felipe Larrain Tejeda.


Cleary Gottlieb Steen & Hamilton advised Goldman Sachs & Co. LLC, acting as dealer manager on the transaction.

In Chile, Morales & Besa advised Goldman Sachs & Co. with Guillermo Morales E., Andrea Díaz T.,  Santiago Martínez Izquierdo, Mariana Schnettler R., Abel Ignaco Flores L. and Matías López J.

Involved fees earner: Felipe Larraín – Claro y Cia; Rodrigo Ochagavía – Claro y Cia; Marcela Barba – Milbank LLP; Gonzalo Guitart – Milbank LLP; David Hanno – Milbank LLP; Marcelo Mottesi – Milbank LLP; Andrew Walker – Milbank LLP; Andrea Díaz – Morales & Besa; Abel Flores – Morales & Besa; Matías López – Morales & Besa; Santiago Martínez – Morales & Besa; Guillermo Morales – Morales & Besa; Mariana Schnettler R. – Morales & Besa;

Law Firms: Claro y Cia; Milbank LLP; Morales & Besa;

Clients: Goldman Sachs & Co.; IRSA Inversiones y Representaciones SA (IRSA);

Martina Bellini

Author: Martina Bellini