Colombian utility Grupo Energía Bogotá (GEB) is preparing a debt-financed offer of approximately US$4.5 billion to acquire Ecopetrol's 51.4% controlling stake in transmission operator ISA.
The bid represents a significant move by the country's largest electricity and natural gas utility to expand its footprint in the critical power transmission segment.
The proposed transaction would see GEB take control of ISA, a key player in Colombia's energy grid.
The deal is structured as a debt-financed acquisition, highlighting the bidder's confidence in the cash flows generated by the transmission business despite the leverage required.
This move aligns with broader trends of consolidation in Latin American utilities, where larger players are seeking to integrate upstream and downstream assets to capture more value from the energy transition.
Ecopetrol, the state-owned oil company, has been under pressure to divest non-core assets to reduce its debt burden and focus on its hydrocarbon operations.