YPF confirmed that it accepted Edenor's offer of US$780 million to acquire 70% of Metrogas, as part of the strategic review process of its assets. Thus, the group made up of José Luis Manzano, Daniel Vila, and Mauricio Filiberti is now better positioned compared to the other four bidders that reached the final stage.
The operation is still subject to the fulfillment of various conditions precedent, including the corresponding regulatory authorizations and the guarantees outlined in the offer.
Manzano already held a 9.23% stake in Metrogas through Integra Gas Distribution. Acquiring the YPF package would allow him to gain control of Argentina's main gas distributor.
Manzano outperformed four business groups
The sale process was conducted by Citi bank, and after the auditing phase of the company's financial statements and assets, five bidders remained.
In addition to Edenor, Central Puerto along with Ecogas, MSU, Grupo Pierri, and Litoral Gas participated.
The US$780 million offer presented by Edenor was ultimately the one chosen by YPF. The operation also includes launching a public acquisition offer for the remaining shares of Metrogas, which are currently distributed among Anses, investors listed on the Buenos Aires Stock Exchange, and the stake already held by Manzano.
Metrogas supplies 2.5 million users
Metrogas has a central position within the Argentine energy system. The company supplies around 2.5 million users and accounts for approximately 28% of the national gas distribution market.
Metrogas supplies 2.5 million users
The company also underwent a significant financial restructuring in recent years. Between 2023 and 2025, it doubled its gross profit, quadrupled its operating result, and reduced its debt to one-third.
The improvement in its results allowed Metrogas to distribute dividends to its shareholders for the first time since 2001, in a scenario marked by the tariff restructuring implemented since 2024.
The Metrogas license, another key point
One of the factors that still needs to be resolved is the regulatory situation of the company. The Metrogas license expires in December 2027.
Enargas has already submitted a recommendation to the Executive Power to extend it for another 20 years, a possibility contemplated by the Bases Law. However, the final decision is still pending.
For the new controlling shareholder, the extension of the license will be a determining element to ensure the predictability of the business and define long-term investment conditions.
Manzano consolidates his presence in public services
The acquisition represents a strategic move for Manzano and his partners. In 2021, the Edelcos consortium, made up of Manzano, Vila, and Filiberti, acquired Edenor after Pampa Energía decided to divest from the electric distributor to concentrate its investments in generation and gas.
With Metrogas, the group would have a relevant position in the two main public utility services in the AMBA: electricity and gas.
Edenor is currently the largest electric distributor in the country and has about 3.41 million customers in the northern area of Greater Buenos Aires. Metrogas, for its part, accounts for nearly 28% of gas distribution in Argentina.
An expansion that adds to other operations
The purchase of Metrogas adds to a series of business moves linked to Manzano in recent years.
In addition to his stake in Edenor and Metrogas, the businessman maintains ties with Mercuria Energy Group, a Swiss trader associated with Phoenix Global Resources. The company recently confirmed the acquisition of the assets that Raízen operates in Argentina under the Shell brand, including service stations, the Dock Sud refinery, and other energy facilities.
Manzano also participated in the acquisition of Telefe last year along with businessman Gustavo Scaglione, in a deal structured by Integra Capital.
The Metrogas operation, once it obtains the necessary authorizations, will thus mark a new advance for Manzano in the Argentine energy business, with simultaneous presence in electricity and gas distribution in the metropolitan area.
