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M&A: Brisk Energy Flow

Nov 1, 2009

Deals in the energy sector are ruling the M&A arena in Latin America as Spanish companies offload holdings.

Gas Natural has agreed to sell its 63.8% stake in Empresa de Energía del Pacifico (Epsa) to Colombian holding company Colinversiones for $1.1 billion. Colinversiones, whose holdings are largely in the electricity generation and transmission sector, last month said it was interested in acquiring the stake in a deal authorized by the board.

Meanwhile, Spain’s Iberdrola has sold its 95% stake in Chilean hydropower unit Iberoamericana de Energía to Chile’s Compania General de Electricidad (CGE) for $281.6 million. An additional sale of a 55% stake in Empresa Eléctrica Lican to CGE for $16 million did not go through because of “external causes,” it says. Ibener operates the 75 megawatt Peuchen and 49 megawatt Mampil dams in Chile.

Endesa, also based in Spain, has sold...

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