State-controlled Argentine energy company YPF has bought a 54.7 percent stake in Gas Argentino, the holding company that controls Argentine natural gas distributor Metrogas , from Britain’s BG Group.
YPF said it will end up with a 70 percent indirect stake in Metrogas if the deal is approved by local regulators. The company did not say how much it paid for the shares.
Metrogas, which distributes natural gas to about 2 million customers in and around the capital Buenos Aires, has been suffering financial problems due to a tariff freeze imposed a decade ago at the height of an economic crisis. In September, it said it was struggling to pay providers.