The Corporate Group EPM (Empresas Públicas de Medellín) is dedicated to providing public services related to electricity, water, sanitation and telecommunications, through 12 subsidiaries. It is owned by the Municipality of Medellín, governed by Colombian commercial law.
EPM already owns 25% of the electricity distribution market in Colombia, the maximum permissible for a single company. In mid 2010 the company entered the Central American market with the purchase for $ 635 million of Guatemalan Eegsa.
Now, with recent acquisitions, EPM reaches to over half million customers in Central America.
Two Colombian companies have submitted pre-qualification documents for the purchase of 51% of the shares of the electricity distributors Edemet and Edechi.
Promigas and Empresa de Energía del Pacífico S.A., presented the documentation to the National Authority of Public Services (ASEP) as part of the tender for the sale of the majority of the shares of the distributors, a concession contract for 15 years which expires October.
Empresas Públicas de Medellín (EPM) will consolidate its subsidiaries into one or two companies in Panama.
A press release from Empresas Públicas de Medellín (EPM) states:
In order to simplify, optimize and streamline the international corporate structure of the EPM Group, the board of the EPM approved during its meeting on Wednesday the implementation of a reorganization project for several of the companies located in Panama, Guatemala, El Salvador and the Cayman Islands.
Colombian Group EPM acquired 80% stake in Empresa Electrica de Guatemala (EEGSA).
Empresas Publicas de Medellin (EPM), leading provider of public services in Colombia, will expand its presence in Central America.
Sigloxxi.com reports, "The sale, according to EEGSA´s manager, Jorge Alonso, was decided by company shareholders, consisting of firms Iberdrola of Spain, Teco Energy and Electricity of Portugal, although the distributor was unaware of negotiation details.”
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