Overview
- YPF’s board approved Edenor’s US$780 million proposal for YPF’s 70% stake in Metrogas and a 5% stake in Metroenergía, a decision announced after a competitive process led by Citigroup.
- The acceptance was formalized on Monday and the transaction remains conditional on regulatory authorizations, guarantees and other precedent conditions before it can close.
- If completed, Edenor’s purchase will consolidate control of the main metropolitan gas distributor that serves about 2.4–2.5 million users and roughly 28–30% of national gas distribution.
- Edenor’s controlling group includes José Luis Manzano, who already held about 9.23% of Metrogas via Integra, and the buyer will likely have to launch a public tender for remaining listed shares under takeover rules.
- YPF says proceeds will be redirected to its Plan 4x4 priorities, notably scaling investments and exports from Vaca Muerta, while the Metrogas operating licence and regulator review remain key issues to watch.