(Energy Analytics Institute, 20.Aug.2021) — Colombia’s state oil giant Ecopetrol S.A. (BVC: ECOPETROL; NYSE; EC) announced on 20 August 2021 that closing conditions set forth in the inter-administrative contract, dated 11 August, between the Bogotá-based company and the Colombian Ministry of Finance and Public Credit (MHCP by its Spanish acronym) were satisfactorily fulfilled relating to Ecopetrol’s acquisition of 569,472,561 shares of Interconexión Eléctrica S.A. ESP (ISA), equivalent to 51.4% of the outstanding shares of ISA and representing 100% of the MHCP’s ownership interest in ISA.
Ecopetrol said closing of the transaction included: i) the payment by Ecopetrol to the MHCP of the agreed price of COP 14,236,814,025,000 for all the Shares at a price of COP 25,000 per share. The payment was made for $3.7 bn using the effective market exchange rate on the transaction’s closing date of COP 3,876.08 / USD; and ii) the transfer of the shares to Ecopetrol as its new owner, through the respective entry in ISA’s shareholders’ book by the Centralized Securities Depository of Colombia (DECEVAL by its Spanish acronym).
By Piero Stewart. © Energy Analytics Institute (EAI). All Rights Reserved.