Agreement between Enel Americas and GEB Approved by the Extraordinary Shareholders’ Assemblies

Source: www.gulfoilandgas.com 7/27/2021, Location: South America

The Extraordinary Shareholders’ Assemblies of Enel-Emgesa, Enel-Codensa and Enel Green Power, approved of the merger agreement between the companies Emgesa S.A. ESP (absorbing company), Codensa S.A. ESP, Enel Green Power Colombia S.A.S. ESP and ESSA2 SpA (absorbed companies), within the framework of the agreement between Enel Américas and Grupo de Energía de Bogotá.

This corporate reorganization includes the assets of Enel Américas in Colombia, Costa Rica, Panama, and Guatemala. The new company’s primary shareholders will be Enel Americas with 57.345% and Grupo de Energía de Bogotá with 42.515%.

“Through this operation we are creating a more robust and competitive vehicle for addressing the challenges of the energy transition. We are convinced that it will allow us to grow based on the pillars of sustainable development, renewable energies, and technological innovation to create value for all,” says Maurizio Bezzeccheri, CEO of Enel Americas.

Among the expected benefits for operations are a greater competitive edge in the development of renewables, greater resilience in the company’s cash flows thanks to greater technological and geographical diversification of assets, access to new development opportunities in Panama, Costa Rica and Guatemala, and convergence into a single business model, offering a proposal of products and services of unified value for customers and users.

The merger operation must now be approved before the company’s Bond Holders’ Assemblies, followed by prior authorization by the Colombian Superintendency of Corporations before execution.


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