ISA Takes Control of TransMantaro; Ponders Share Offering

Colombia’s largest energy provider, state-controlled Interconexión Eléctrica SA (ISA), together with state-owned Empresa de Energía de Bogotá (EEB) have taken 100% control of Peruvian electricity transmission company Consorcio TransMantaro. ISA and EEB bought the remaining 28% stake outside their control from Canadian Fonds de Solidarité des Travailleurs du Quebec de Canada for $33 million. Meanwhile, ISA has called an extraordinary general meeting for November 24 to propose to a new share offering. The offering of 88.34 million new shares, with which ISA hopes to raise around $218 million, will help to fund the utility’s acquisitions. The total bill for TransMantaro was around $118 million, while the cost of buying Brazilian electricity distributor Companhia de Transmissão de Energia Elétrica Paulista (CTEEP) in June amounted to $535 million.