Colombian utility Grupo Energía Bogotá (GEB) and Spain’s Red Eléctrica Internacional (REI) have agreed to acquire 100% of Argo Energia for BRL 3.55bn (USD 845m) from Brazilian asset manager Pátria Investimentos, according to a 22 November filing.
The companies celebrated the sale with fund vehicle Pátria Infraestrutura III FIP (formerly P2 Brasil). Both acquirors will purchase an equal 50% stake in the developer.
The sale process must still meet precedent conditions and must be approved by anti-trust authority CADE and national energy regulator ANEEL.
Argo Energia was established in April 2016 when it was awarded a concession to build, operate and maintain 1,200km of transmission lines spanning Maranhão Ceará and Piauí. Argo currently manages that concession as well as another concession awarded to Pátria in 2018.