Empresa de Energía del Cono Sur S.A. executed a preliminary merger agreement to acquire additional 51.4% in Empresa Distribuidora y Comercializadora Norte Sociedad Anónima (BASE:EDN) from Pampa Energía S.A. (BASE:PAMP) for approximately $100 million on December 28, 2020. As per terms, 100% Class A common shares of Empresa Distribuidora y Comercializadora Norte Sociedad Anónima will be acquired which represent 51.4% of total capital of Empresa Distribuidora y Comercializadora Norte Sociedad Anónima. The consideration comprises 21.9 million Class B common shares of Empresa de Energía del Cono Sur S.A., $95 million cash and a contingent payment, in case of change of control of Empresa de Energía del Cono Sur S.A. or Edenor during the first year after the closing of the transaction. The cash price shall be paid in three installments. The first for an amount of $5 million, that shall be paid within 7 business days from the date hereof; the second for an amount of $50 million at the closing date and the third for an amount of $40 million after a one-year period of the Closing date. Pampa Energía S.A. owns all Class A shares in Edenor which represents 51% stake in Edenor. The closing of the transaction is subject to compliance of certain customary precedent conditions, including shareholders meeting of Pampa Energía S.A. and the National Electricity Regulatory Entity. As on January 5, 2021, Pampa Energía S.A. announced that it will hold shareholders meeting on February 17, 2021. As on February 17, 2021, the deal was approved by the shareholders of Pampa Energía. The transaction was given the go-ahead with a positive vote of 99.97%. Santander acted as financial advisor to Pampa Energía S.A. As of June 24, 2021, the National Electricity Regulatory Entity entity authorizes Pampa Energía to transfer all the shares Class A, representing 51% of the share capital and votes of Empresa Distribuidora y Comercializadora Norte SA to Empresa de Energía del Cono Sur SA.

Empresa de Energía del Cono Sur S.A. completed the acquisition of an additional 51.4% in Empresa Distribuidora y Comercializadora Norte Sociedad Anónima (BASE:EDN) from Pampa Energía S.A. (BASE:PAMP) on June 30, 2021. The Empresa Distribuidora y Comercializadora Norte Sociedad Anónima is now operated by Empresa de Energía del Cono Sur.