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The integration of assets related to the ExxonMobil lubricants business of Colombia S.A. by Terpel, a subsidiary of Copec. In accordance with the stipulations 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 analysts as one of the most important of the year in this country concludes the agreement signed between Copec and the multinational ExxonMobil in November 2016, during which a price acquisition of 714.7 million US dollars was fixed, financed by a bridging loan from various Colombian banks. The cash of the acquired companies is 230 million US dollars.
"This is a strategic step for Copec's international consolidation, and having Mobil in our portfolio puts us in a unique position to become a leader in each of these markets." Terpel's offer increases dramatically, "said Lorenzo Gazmuri, executive vice president of Copec.
For her part, Terpel Organization President Sylvia Escovar said that "thanks to this agreement obtained through Copec's more than 60-year partnership with ExxonMobil, Terpel today leaves behind all its limitations. structural in the lubricants industry and creates the conditions to position itself as a benchmark for the industry in Colombia, Peru and Ecuador. "
The transaction was subject to approval Regulators from Colombia and Ecuador, who spoke favorably.
The regional agreement between the two companies also provided for the renewal of their contract in Chile, as well as the operation 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 assets in the markets of Ecuador and Peru, included in the agreement, already controlled the Terpel subsidiary on March 15, 2018.
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