GRUPO ENERGÍA BOGOTÁ S.A. E.S.P. Brookfield Asset Management Inc. (TSX:BAM.A) made an offer to acquire 42.39% stake in Isagen S.a. E.s.p. (BVC:ISAGEN) from Administradora de Fondos de Pension Porvenir S.A., Empresa de Energia de Bogotá S.A. ESP (BVC:EEB) and others for COP 4.8 billion on March 15, 2016. The price per share is COP 4.13. In the transaction, Brookfield offers to acquire up to 30% of shares of Isagen with the option to acquire all the outstanding shares correspondents to a 42.4%, depending of the offers they received.
The offers will be received between March 28, 2016 and May 6, 2016. The transaction was approved by Bogotá's municipal council. As of March 17, 2016, the Municipal Counsel of Colombian capital, Bogota, approved by 33 votes against 8 the project that authorizes to Empresa de Energía de Bogotá (EEB) to sell its stake of 2.52% stake in Isagen.
Jared Fontaine, Jamie Becker and Max Shakin of Torys LLP acted as legal advisor to Brookfield Asset Management Inc.
