Government accepted offer from Ecopetrol to buy 51.4% of ISA Group

The National Government announced that it accepts Ecopetrol’s offer to buy 51.4% of the ISA group, and the Minister of Finance, Alberto Carrasquilla, did so through a letter sent to the president of Ecopetrol Felipe Bayón.

“We agree to sign an exclusivity contract so that the company can perfect this offer during the first half of the year, under the figure of an inter-administrative contract,” Carrasquilla said in the letter.

He added that, “although the proposed price range may be reasonable, the Government reserves the right to propose adjustments to it, subject to the results of the assessment and due diligence processes carried out in parallel with Ecopetrol.”

And he ended the letter sent by the head of the Treasury portfolio, saying that in the next few days they will communicate to finalize the exclusivity agreement and formalize the start of due diligence.

Through a letter addressed to the president of Ecopetrol Felipe Bayón, the Minister of Finance, Alberto Carrasquilla, accepted the non-binding offer made by the oil company to keep 51.4 of the ISA group, the majority stake.

In the letter, Carrasquilla states that he receives Ecopetrol’s offer with interest because it is part of the strategy of optimization and use of assets of the Nation.

We agree to sign an exclusivity contract so that the company can perfect this offer during the first half of the year under the figure of an Inter-Administrative Contract

This Friday, President Duque spoke about the intention that Ecopetrol had to buy 51.4 of Interconectado Eléctrica SA, ISA, that is, an operation that would amount to 14 billion pesos.

According to Carrasquilla, the price to pay for the 51.4% of ISA, which has not yet been defined, could be around 14 billion pesos according to market valuations.