Petrobras Argentina, the Argentine unit of Brazilian oil giant Petrobras, said it was selling two companies that together have a 48.5 percent stake in the holding company that controls electric utility Edesur.
Directors have voted to accept the offer received from Argentina’s Hidroelectrica Piedra del Aguila and La Plata Cogeneracion for all of the stock of Petrobras Electricidad de Argentina, or Pedasa, and Petrobras Finance Bermuda, or PFB, Petrobras Argentina said in a filing with the Buenos Aires Stock Exchange.
The deal is worth $35 million, Petrobras Argentina said.
Pedasa and PFB hold 38.5 percent and 10 percent stakes, respectively, in Distrilec, the holding company that controls 56.36 percent of the shares of Edesur, which provides electricity to Buenos Aires and surrounding areas.
Distrilec, in turn, is controlled by Spain’s Endesa.