AEI, an owner and operator of energy infrastructure businesses, has sold a 47.2% interest in Proenergia Internacional to Chilean conglomerate Compania de Petroleos de Chile Copec.
Proenergia, through its indirect ownership in Sociedad de Inversiones de Energia (SIE), is the holding company of AEI’s retail fuel business. The agreement also contemplates an option for AEI to cause the sale of, and an option for Copec to acquire, subject to certain terms and conditions, an additional 4.93% interest in Proenergia. The equivalent price per Proenergia share paid by Copec was $3.82.
Jim Hughes, CEO of AEI, said: “The divestiture of Proenergia is significant to AEI as it simplifies our business model and allows us to focus further on our four core business segments of power distribution, power generation, natural gas transportation and services, and natural gas distribution.”
SIE was a subsidiary of AEI’s majority-owned subsidiary Promigas until July 2009, at which time it was spun off to Proenergia. Proenergia controls SIE, the holding company of Organizacion Terpel (Terpel).
Terpel, through its subsidiaries, has approximately 1,861 owned or affiliated retail fuel stations, 246 of which are compressed natural gas stations, approximately 4,000 employees, and operations in Colombia, Chile, Ecuador, Panama, Peru and Mexico.