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The integration of badets related to the ExxonMobil lubricants business of Colombia S.A. by Terpel, subsidiary of Copec . In accordance with the provisions of the Colombian regulatory authority to authorize the operation, Terpel has now taken control of Mobil brand lubricants in this country .
This transaction, cataloged by badysts as one of the most important of the year in this country, closes the agreement signed between Copec and the multinational ExxonMobil in November 2016, in which an acquisition price of 714.7 million US dollars was set, which was funded through a bridging loan from different Colombian banks. The cash of the acquired companies is 230 million USD
"This is a strategic step for the international consolidation of Copec . Having Mobil in our portfolio puts us in a position Privileged to become a leader in each of these markets, the value of Terpel's offering is increasing dramatically, "said Lorenzo Gazmuri, executive vice president of Copec.
For her part, Terpel Organization President Sylvia Escovar said that "thanks to this agreement obtained thanks to More than 60 relations between Copec and ExxonMobil, today Terpel leaves behind any structural limitation in the Lubricants industry and generates the conditions to position itself as a benchmark for the industry in Colombia, Peru and Ecuador. "
The regional agreement between the two companies also provided for the renewal of the contract they concluded in Chile as well as the exploitation and marketing of fuels at the international airport Jorge Chávez, in Lima, Peru; and the transfer of fuel activity that ExxonMobil was exercising in Ecuador
The operation was subject to the approval of the regulatory authorities of Colombia and Ecuador which has fostered trade integration in the respective countries. ExxonMobil's badets in the markets of Ecuador and Peru, included in the agreement, had already controlled the Terpel subsidiary since March 15, 2018.
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