Overview

• Decree 494/2025 mandates a 330-day national and international public tender for at least 51% of AySA’s shares and requires the remaining stake to be listed on domestic stock exchanges.
• Decree 493/2025 replaces more than 100 regulatory provisions to allow private equity participation, share transfers and service interruptions for nonpayment.
• The regulatory overhaul establishes formal cooperation between the Ente Regulador de Agua y Saneamiento and the Agencia de Planificación and launches a five-year strategic improvement plan for infrastructure.
• Law firms conducting U.S. roadshows report incipient interest from North American investors in AySA and other state-owned utilities ahead of the bidding process.
• Officials argue that the move is essential to secure external funding for upgrades, citing roughly US$13.4 billion in subsidies since 2006 and the utility’s worsening operational and financial deficits.