Overview
- Edenor disclosed Tuesday that its unit Edenor Inversiones subscribed to shares representing 20% of Latam Downstream Holdings, the parent of Signar Energy that runs the acquired Shell assets.
- The package that Edenor now partly owns includes roughly 892–900 Shell-branded service stations, the Dock Sud refinery, a lubricants plant, two aeroplantas and fuel terminals in Arroyo Seco and Santa Fe.
- Edenor did not state the price it paid; its CNV notice says the deal involves a cash payment and that Latam Downstream Holdings assumes the debt of its subsidiaries.
- The Shell brand will remain on stations under a licence signed for 15 years with a 15-year renewal option, and Mercuria completed the original purchase from Raízen on September 1 after a June deal valuing the assets at about US$1.42 billion including debt.
- Edenor is controlled by the Edelcos group led by José Luis Manzano, Daniel Vila and Mauricio Filiberti, and the company says the move fits a growth and energy-transition strategy that could expand charging and distributed generation at service stations.