US-Peruvian bidders winning OCENSA stake sale process

27 January 2020 - 12:00 am UTC

I Squared Capital and the investment arm of Peru’s Grupo Romero are leading the bidding for Advent International’s 22.35% stake in a Colombian oil pipeline, according to two sources briefed on the matter.

Advent mandated Credit Suisse for the second time in September 2019 to try and sell its stake in the Oleoducto Central (OCENSA) oil pipeline, having previously failed to sell it in late 2018.

I Squared was rumored to be among the interested parties during Advent’s 2018 attempt to sell its stake. The sellers invited most of the same parties back for this latest iteration, according to the first source briefed on the matter.

Grupo Romero’s financial subsidiary Credicorp, together with a group of local investors, had previously shown interest in the pipeline stake when Advent originally made its equity investment in 2013, according to the second source briefed on the matter.

Advent, in consortium with local pension funds Sociedad Administradora de Fondos de Pensiones y Cesantias Porvenir and Administradora de Fondos de Pensiones y Cesantias Protección, acquired its minority stake in Ocensa in December 2013.

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