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Nation Doesn't Want To Affect COP With ISA Sale: Fin Min Restrepo

COLOMBIA
  • Colombia's state-controlled oil company Ecopetrol SA signed a $3.6 billion deal with the Finance Ministry to acquire electricity transmission company Interconexion Electrica SA, or ISA. (BBG)
  • The price is in the "upper bound" of the range of valuations, Finance Minister Restrepo said at a press conference in Bogota. Ecopetrol CEO Felipe Bayon said that while the deal needs to happen before Dec. 6, it will likely occur in 3 to 4 weeks.
  • "The acquisition is one of the most important operations in the country's recent history, contributing to the energy transformation and the reactivation of the economy," Restrepo added.
  • Colombia will use the funds for this year's budget, according to Restrepo. The government will be paid in U.S. dollars and will convert these into pesos in a gradual and responsible way to limit the impact on the peso, he said.
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