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Government moves forward with the sale of Transener shares

The Ministry of Energy and Mining advanced in the process of selling shares of the Transener electricity transport company, by awarding today Pricewaterhouse & Co Asesores de Empresas SRL, for $ 13.3 million, the evaluation consulting contract and corresponding integral financial advice.

The consultant will be in charge of the "design and structuring of the process of transferring the shareholding" of Enarsa (the state-owned Integración Energética Sociedad Anónima) in the company Citelec (Company Inversora en Transmisión Eléctrica SA, main shareholder of Transner.)

Citelec holds 52.6% of the shares of the carrier, while the rest is controlled by Pampa Energía, the largest private electricity company in the country.

Transener is the main company in the sector, with a national high voltage electric power transmission network that includes almost 8,800 kilometers of lines, to which another 5,500 km operated in the province of Buenos Aires by its subsidiary company Transba SA

The Ministry of Energy and Mining last December tendered the contracting of the consultancy for a period of six months and in January the bid opening ceremony was held, as recalled in resolution 157 of the portfolio led by Juan José Aranguren, published in the Official Gazette.

Six envelopes were presented on behalf of BNP Paribas, Buenos Aires branch (for $ 39 million); HSBC Bank Argentina ($ 46 million); Banco Santander Río ($ 22.9 million); Banco Itaú Argentina ($ 30 million); Pricewaterhouse Co Business Advisors ($ 13.3 million); and branch of Citibank N.A. ($ 64.5 million)

In March, it was determined that BNP Paribas will head the merit order, while Pricewaterhouse Co.'s offer was second.

The latter, however, made observations and requested clarifications in relation to the evaluation report and made additional clarifications in April.

According to the accompanying documentation, Pricewaterhouse "can accredit 2,789 transactions in mergers and acquisitions," which earned it a higher score in the selection process.

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