By Franyi Sarmiento, Inspenet, November 5, 2021.
The Colombian oil company Ecopetrol bought all the shares held by the government in the energy company Interconexión Eléctrica (ISA), which will give it control of 51.4% of the company’s shares in circulation.
According to a statement, the oil company Ecopetrol “signed the Interadministrative Contract for the Sale of Shares with the Ministry of Finance and Public Credit through which the company acquires 569,472,561 shares of Interco Conexión Eléctrica SA (ISA)”.
According to Ecopetrol, the price per share was 25,000 pesos, which brings the total transaction to a value of 14.2 billion pesos (about US$3.61 billion).
Finance Minister José Manuel Restrepo stressed at a press conference that the purpose of this agreement is “to strengthen the national energy sector, seeking competitive synergies in order to have a greater capacity to innovate and attract new technologies.”
For its part, Ecopetrol reported that the operation makes it “a leading conglomerate in energy transition in the Western Hemisphere that integrates the businesses of the hydrocarbon value chain, with the transmission of renewable energies, infrastructure and solutions based on nature”. The purchase business has until December 6, 2021 to make the payment and transfer of shares, of which the state continues to own, although from now on, through the State-owned Colombian Petroleum Company, Ecopetrol.
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