JHSF completed the acquisition of Enjoy Punta del Este for 160 million
The Brazilian group JHSF Península completed the acquisition of 100 percent of the shares of Baluma, owner of the Enjoy Punta del Este Casino & Resort, for 160 million dollars. Following the operation, the Uruguayan company issued bonds linked to the financing of the agreement and the debt exchange of Enjoy's international holders. According to the Uruguayan media outlet Lex Latin, as part of the negotiation, Baluma issued a bond for 40 million dollars subscribed by the Chilean asset manager Moneda, intended to finance the portion of the price payable in cash and working capital, and another bond for 115 million for Enjoy's international bondholders to prepay and exchange their debt securities.
The closing of the agreement took place on July 10 and involved the participation of several international law firms, including firms from São Paulo, London, Santiago de Chile, Montevideo, and New York, which acted on behalf of the parties and the existing and new bondholders. The negotiation was carried out as part of the orderly asset sale process agreed upon in Enjoy's judicial reorganization agreement before the eighth civil court of Santiago, Chile.
On April 12, two Enjoy subsidiaries had agreed to sell Baluma's Class A shares to JHSF Península and to exercise a call option on the target company's Class B shares. With this acquisition, JHSF strengthens its presence in Uruguay, where it has operated for more than 15 years through the Hotel Fasano Punta del Este, and adds an asset to a portfolio that includes hotels and developments in New York, Miami, London, Cascais, Sardinia, and Milan.
The Enjoy Punta del Este opened its doors in 1997 under the Conrad brand and features 292 rooms, restaurants and bars, a spa and fitness center, and 18 conference and event rooms, in addition to a casino with 550 slot machines, 75 tables, and a poker room spread over 4,000 square meters. The operation consolidates the Brazilian group's entry into one of the most recognized gaming and hospitality complexes in the Uruguayan resort town.
Tags: JHSF Península, Enjoy Punta del Este, Baluma, Enjoy's judicial reorganization