Ecopetrol S.A. Acquires Control Over Interconexion

ECOPETROL S.A. ACQUIRES CONTROL OVER INTERCONEXIÓN ELÉCTRICA S.A. E.S.P. WITH A US$ 3.67 BILLION PURCHASE OF THE STAKE OWNED BY THE COLOMBIAN MINISTRY OF FINANCE

Posse Herrera Ruiz acted as Colombian legal counsel to the Financiera de Desarrollo Nacional and the Colombian Ministry of Finance, in the sale of its 51.41% stake in Interconexión Eléctrica S.A. E.S.P. (ISA) to Ecopetrol S.A. in a COP$14.2 trillion deal (US$ 3.67 billion approx.). The sale of ISA, one of the largest transactions in the history of Colombia in terms of value, constitutes a major step in the Colombian Government’s strategy of improvement of its shareholding portfolio, and will help the Government to finance its public investment programs in line with the Government’s Plan of Economic Reactivation.

With this acquisition, Ecopetrol is now the majority shareholder of ISA.

DEAL VALUE: USD 3.67 BILLIONS Stake: 51.41%

CLOSING DATE:
Friday, August 20, 2021 Cross-border matter: Colombia, Chile, Brazil y Peru

LEGAL ADVISORS

COUNSEL TO SELLER
In-house Counsel – Ministry of Finance

Lawyers
Ángela Patricia Parra, María Camila Pérez, Oswaldo Andrés González,

Financiera de Desarrollo Nacional S.A. – FDN

Lawyers
Juana Beltrán and María Juliana Pérez

Colombia – Posse Herrera Ruiz

Leading Partners
Jaime Herrera and Oscar Tutasaura

Leading Tax Team
Juan Guillermo Ruiz and Jaime Gómez

Other Lawyers
Mariana Posse, Susana Gómez, Isabel Torres, Diana Rueda, Daniel Delgado and Adriana Cabal

Chile – Claro & Cía

Lawyers
Jorge Martín, Jorge Carraha, Rafael Cruzat and Carmen Luz Chavarría