November 1, 2009
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, Spains Iberdrola has sold its 95% stake in Chilean hydropower unit Iberoamericana de Energía to Chiles 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
Deals in the energy sector are ruling the M&A arena in Latin America as Spanish companies offload holdings.