Alberta Investment Management Corporation entered into a share purchase agreement to acquire Guatapará Energia S.A., Estre Energia Renovável Participações S.A., Curitiba Energia SPE Ltda and SPE Tremembé Energia Ltda. from Estre Ambiental, Inc., for BRL 30 million on June 12, 2019. The consideration is paid on cash and debt free basis. Pursuant to the terms of the agreement, Alberta Investment Management Corporation paid BRL 30 million to Estre Ambiental, Inc., with any increase in consideration reflecting the agreed-upon enterprise value being payable upon completion of the transaction, amounting to around BRL 105 million. If the transaction is not completed for any reason, Estre Ambiental, Inc., will be required to repay the BRL 30 million consideration that has been paid to it by Alberta Investment Management Corporation. Completion of the transaction is subject to certain conditions precedent, inter-alia, finalization of legal due diligence to the satisfaction of Alberta Investment Management Corporation, amendments being made to certain biogas supply agreements entered into with third parties on terms mutually agreed between the Estre Ambiental, Inc., and Alberta Investment Management Corporation, approval of the transaction by the holders of the Estre Ambiental, Inc.’s debt instruments that comprise substantially all of its indebtedness, approval of the transaction by the relevant market authority, and satisfaction of certain other customary conditions precedent and documentary requirements. Completion of the transaction is expected to occur by the end of August 2019. Estre Ambiental, Inc., is using the BRL 30 million upfront payment to fund its short-term working capital requirements, including severance payments associated with discontinued public contracts.