Metrogas Sale Enters Final Stage with Four Bidders Competing for Control

The sale of YPF's majority stake in Metrogas, Argentina's primary gas distributor, has entered its decisive phase. Four out of nine initial bidders have advanced to the due diligence stage, where they will thoroughly examine the company's financial statements and assets. These four groups, combining local and international capital with diverse sector profiles, will visit Metrogas facilities next week. They have until the end of June to submit their final economic offers.

The stake on offer is 70% of Metrogas's capital, with a total company valuation approaching $800 million, making the block potentially worth $560 million. The sale process is being managed by Citi. The acquisition requires the winning bidder to also launch a public tender offer for the remaining shares. Currently, besides YPF's 70%, Integra Gas Distribution (linked to José Luis Manzano) holds 9.23%, Anses has 8%, and 13% is publicly traded.

Among the contenders are José Luis Manzano, already a shareholder, bidding through AndinaCentral Puerto, which partners with Gasnor, the northern Argentine gas distributor majority-owned by Spain's Naturgy. This group, including Guillermo Reca, the Miguens-Bemberg family, and Eduardo Escasany, is diversifying into energy, with interests in Vaca Muerta, lithium, gold, and silver projects, and a planned large-scale sawmill. Metrogas would fit their energy chain expansion strategy.

Another bidder is Neuss Capital, led by Germán Neuss, in a consortium with international partners Mubadala Capital of Abu Dhabi and Spain's SIA Capital. The Neuss brothers, with ties to presidential advisor Santiago Caputo, have experience in regulated sectors, having recently acquired electricity distributors EDET and Ejesa, transport company Litsa, and hydroelectric plants. Their involvement in Metrogas aligns with their expansion in regulated markets.