EC - Ecopetrol bids for power transmission firm in potential $4B deal

Ecopetrol ([[EC]] -5.2%) says it submitted a non-binding offer to purchase the Colombian government's 51.4% stake in state-controlled energy transmission firm Interconexion Electrica, in an aggressive move away from its core oil business.ISA was valued at ~27.6T Colombian pesos at yesterday's market close, meaning the majority stake in the company would be worth the equivalent of ~$4B, Argus reports.Ecopetrol says the move is in line with its strategy to diversify its asset portfolio with a growing focus on non-conventional renewable energy and digitization.The Colombian state would continue to control the overall energy enterprise through its ownership of at least 80% of Ecopetrol, the company says.Ecopetrol recently said the theft of crude oil from its pipelines jumped 46% last year, driven by a surge in robberies along the Cano Limon-Coveneas pipeline.

For further details see:

Ecopetrol bids for power transmission firm in potential $4B deal