Metrogas Sale Nears Decision as Manzano Leads Bidding

The future control of Metrogas, Argentina's primary gas distributor, is on the verge of being decided. YPF will announce the outcome of its sale process for a 70% stake in the company, with José Luis Manzano appearing to be in a stronger position than other bidders.

Manzano is participating through Edenor, a major electricity distributor he co-owns with Daniel Vila and Mauricio Filiberti. He already holds a 9.23% stake in Metrogas via Integra Gas Distribution, which could leverage his prior experience in operating the company.

The sale process, managed by Citi, narrowed down to five final contenders after financial and asset audits. Neuss Capital, a consortium including Mubadala Capital and SIA Capital, did not proceed to the economic offer stage. Litoral Gas, a distributor in Buenos Aires province owned by Grupo Sofía and Tecpetrol (part of Grupo Techint), joined the bidding instead.

The remaining finalists are Central Puerto (a leading power generator) partnered with Ecogas; Manzano's Edenor; MSU, owned by businessman Manuel Santos Uribelarrea; Grupo Pierri, led by Alberto Pierri and owner of Telecentro; and Litoral Gas.

The 70% stake is potentially worth $560 million, valuing the company at around $800 million. The successful bidder must also make a public offer for the remaining shares, currently held by Anses, the stock market, and Manzano himself. Metrogas serves 2.5 million users, holding about 28% of the national gas distribution market. The company has shown significant financial recovery, doubling gross profit and quadrupling operating results between 2023 and 2025, while reducing debt. It also distributed dividends for the first time since 2001, following tariff adjustments initiated in 2024. A regulatory decision regarding Metrogas's license, which expires in December 2027, is also pending.