Ecopetrol S.A. has announced that it has submitted a non-binding offer to acquire the shares owned by the Republic of Colombia through the Ministry of Finance and Public Credit in Interconexión Eléctrica S.A. E.S.P - ISA – equivalent to 51.4% of the outstanding shares.

Interconexión Eléctrica S.A. provides services in sectors of Electric Energy, Roads, and Telecommunications and ICT businesses in Colombia, Brazil, Chile, Peru, Bolivia, Argentina, and Central America.

The transaction would be funded through a combination of newly issued equity and debt, available cash at hand and other available financing schemes – including future divestment of non-strategic assets. The Republic of Colombia will maintain at least 80% ownership in Ecopetrol upon the completion of the equity offering.

Ecopetrol has been advised by Bancolombia and HSBC on the structuring and execution of this transaction proposal.