CELSIA S.A. E.S.P. (BVC:CELSIA) made an offer to acquire 14% stake in Empresa de Energia del Pacifico S.A. E.S.P. (BVC:EPSA) from Grupo Argos S.A. (BVC:GRUPOARGOS) and others for approximately CLP 920 billion on October 25, 2017. Under the terms of the deal, CELSIA will acquire mínimum 1 ordinary share and maximum 48.5 million shares at CLP 18,900 per share in cash. Following the transaction, Emcali will hold 18.02% stake and, CELSIA S.A. and parties will hold 64% stake in EPSA.

Grupo Argos S.A. will sell 34.6 million shares in the offer. CELSIA will finance the offer through proceeds of a CLP 1.5 trillion public offer. The offer and the public offer are conditioned to the approval by the Financial Superintendence of Colombia.

The Board of CELSIA approved the transaction. Superfinanciera approved the public offer on January 16, 2018. The offer will commence on February 5, 2018 and will expire on February 16, 2018.

Philippi, Prietocarrizosa & Uría acted as legal advisor for CELSIA S.A. E.S.P. Valores Bancolombia S.A. Comisionista de Bolsa acted as the broker in the transaction.