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GENERAL ELECTRIC COMPANY (GE)
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Argentina's YPF eyes sale of electricity subsidiary stake to GE -media

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07/14/2017 | 05:39pm CET
Logo of General Electric Co. is pictured at the Global Operations Center in San Pedro Garza Garcia

Argentina's state-run oil company, YPF SA (>> YPF SA), is in talks with General Electric Co (>> General Electric Company) to sell a 49 percent stake in its electricity generation subsidiary to the U.S. industrial conglomerate, local newspaper Clarin reported.

Argentina's state-run oil company, YPF SA (>> YPF SA), is in talks with General Electric Co (>> General Electric Company) to sell a 49 percent stake in its electricity generation subsidiary to the U.S. industrial conglomerate, local newspaper Clarin reported.

A YPF spokesman and a GE spokeswoman declined to comment on Friday. The two companies are partnering on several electricity projects in Argentina, Latin America's No. 3 economy, including plants in the province of Tucuman and near the Vaca Muerta shale field.

Last week, the two companies announced that they had secured $220 million in project financing from Citigroup (>> Citigroup) and Credit Suisse (>> Credit Suisse Group), among others, for two jointly owned thermal power projects.

The value of the potential deal was unclear, and YPF does not publicize the value of the subsidiary, YPF Energia Electrica.

YPF launched the subsidiary in 2013 after acquiring assets from Argentina-based oil and gas company Pluspetrol, which spun off its electric generation business. At the time, the value of the spun-off assets amounted to $485 million, according to a YPF filing.

(Reporting by Luc Cohen; Editing by Jeffrey Benkoe)

Stocks treated in this article : Citigroup, General Electric Company, Credit Suisse Group, YPF SA
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Financials ($)
Sales 2017 124 B
EBIT 2017 8 808 M
Net income 2017 8 444 M
Debt 2017 68 291 M
Yield 2017 5,09%
P/E ratio 2017 26,15
P/E ratio 2018 19,31
EV / Sales 2017 1,82x
EV / Sales 2018 1,66x
Capitalization 157 B
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Number of Analysts 16
Average target price 22,1 $
Spread / Average Target 22%
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John L. Flannery Chairman & Chief Executive Officer
Daniel Janki Treasurer & Senior VP-Global Operations
Jamie S. Miller Chief Financial Officer
Jim Fowler Chief Information Officer
Victor Abate Chief Technology Officer & Senior Vice President
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