With $ 298.1 mm, Bancolombia completes acquisition of 100% of Grupo Agromercantil de Guatemala

Colombian banking group Bancolombia announced that it acquired 40% of the shareholding of Grupo Agromercantil Holding (GAH), the company that owns the Guatemalan Agromercantil Financial Conglomerate. With this acquisition, Grupo Bancolombia consolidates 100% of the shareholding, after $289.1 mm transaction, paid on the date to the seller, BFC BAM Financial Corporation.

Colombia’s Duque pledges financing for $360 mm Toyo tunnel works

Colombia’s President Iván Duque said his government is committed to financing the second phase of the Toyo tunnel system in Antioquia department, which will demand $362 mm from the central administration. This second stage entails 12.5km of open highway, 11 tunnels and 13 bridges. It is currently in the structuring process and is expected to be tendered next year

Newmont and Agnico Eagle form exploration joint venture in Colombia

Newmont Corp. has formed an exploration joint venture in Colombia with Agnico Eagle Mines Ltd. The 50:50 joint venture, which will be operated by Agnico Eagle, will explore the Anza project and advance other prospective gold targets of district-scale potential in Colombia. The Anza project is a gold exploration project, comprising exploration contracts and applications totalilng approximately 200 square kilometres located in the mid-Cauca belt in Colombia. Agnico will sole-finance the joint venture until expenditures equal Newmont's previous investment in the Anza project (approximately $2.9-million). Thereafter the parties will continue financing on a 50:50 basis.

Advent puts $2 bn in latest LatAm fund

US private equity firm Advent International said Tuesday that it raised $2 billion for its seventh fund in Latin America with commitments from institutional investors around the world. Advent will focus the Latin American Private Equity Fund VII, or LAPEF VII, on investments in Brazil, Colombia, Mexico and Peru, the countries where it has offices in Latin America, as well as Argentina and Chile. The fund will make buyouts, corporate carve-outs and equity investments, ranging in size from $50 million to $300 million or more, Advent said.

Debt of the Central National Government of Colombia reached 59.9% of GDP in August

The Colombian Ministry of Finance announced that, as of August this year, the total debt of the Central National Government reached $156 bn, 59.9% of the Gross Domestic Product. The internal debt, according to the report, is the one that weighs the most in the total: 37.3% of GDP; while the external increases to $ 60,796 mm (22.7% of GDP).

UN rights expert urges Colombia to suspend some Cerrejon mine operations

David Boyd, UN Special Rapporteur on human rights said Colombia should suspend some of coal miner Cerrejon’s operations, citing health and environmental concerns. Cerrejon, owned equally by BHP Group, Anglo American and Glencore, has rejected the allegations and said the Rapporteur’s comments were concerning. The statement comes after a request by a British barrister alleging that mining has damaged the health of local Wayuu indigenous people.

Bekaert and Almasa seek to merge steel wire activities in Colombia

Bekaert and Almasa have reached an agreement on the merger of Proalco SAS (subsidiary of Bekaert) with the steel wire activities of Almasa SA, both located in Colombia. Bekaert Ideal Holding (in which Bekaert holds 80% of the shares) and Almasa SA would each hold 50% in Proalco SAS after the merger. The transaction is subject to customary closing conditions including regulatory approvals and is expected to close before year-end 2020. It will add approximately € 20 million in annual revenue to Proalco SAS, which generated € 65 million in revenue in 2019.

Greenwood Energy Latinoamérica acquires Colombian 2C POWER to create a cleantech energy company for Latin America

Greenwood Energy Latinoamérica, the Latin American renewable energy subsidiary of the Libra Group, has acquired Colombia-based 2C POWER, a developer-operator that builds and finances sustainable energy solutions for commercial and industrial clients. The consolidated company, henceforth Greenwood Energy, will develop, install, operate and finance projects in the cleantech space with a particular focus on distributed generation. This is the Libra Group's first investment in Colombia and extends the group's energy sector platform in the Americas to the South American continent.