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The Organización Terpel, the main player in the fuel business in Colombia, which is controlled by Chilean investors through the Copec Group, will finalize the purchase of ExxonMobil’s lubricant business, which is conditioned on its sale to a third party first. fuel business that this North American firm has, through the Esso and Mobil stations.

Terpel will not be able to touch the Esso and Mobil gas stations. The lubricants to the retail, a business that is shaken in the country. According to EL TIEMPO, the total cost of the transaction was agreed in 740 million dollars, that is to say, 2.09 billion pesos to the price of the dollar today.

To this end, Terpel informed the market that it took a credit for 1.72 trillion pesos, in the medium term and with different local banks, with which the acquisition of said businesses will be paid, in the terms provided in the conditional authorization by of the Superintendence of Industry and Commerce (SIC).

The remaining value is completed with resources that Terpel had already turned to ExxonMobil.

“Such credit would be used for the possible acquisition mentioned above, which is subject to compliance with the conditions foreseen for the closing of said operation, including the authorization of the Superintendency of Industry and Commerce (SIC),” Terpel explained in a communication to the Financial Superintendency.

Terpel added to the market that the bridge loan would be paid in approximately one and a half years, through the issuance of bonds and commercial papers, as well as with the money received from the sale of the fuel operation of ExxonMobil to a third party and , if needed, a capital issue (shares), with the objective of returning to levels of leverage consistent with an AAA rating by risk rating agencies.

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