YPF confirmed that it has accepted Edenor’s offer to acquire its 70% controlling interest in MetroGAS for US$780 million, marking a significant expansion of José Luis Manzano’s position across Argentina’s energy infrastructure sector.

Manzano participated in the bidding process through Edenor, Argentina’s largest electricity distribution company, where he is a shareholder alongside Daniel Vila and Mauricio Filiberti. Edenor serves approximately 3.4 million customers across the Buenos Aires metropolitan area.

Manzano also holds an existing 9.23% interest in MetroGAS through Integra Gas Distribution.

The competitive sale process, managed by Citi, included several of Argentina’s leading energy groups. Other finalists included Central Puerto in partnership with Ecogas, MSU, Grupo Pierri and Litoral Gas.
MetroGAS serves approximately 2.5 million customers and represents roughly 28% of Argentina’s natural gas distribution market.

The company has undergone a significant financial recovery in recent years. Between 2023 and 2025, MetroGAS doubled gross profit, quadrupled operating income and reduced its debt to approximately one-third of its previous level. The improvement enabled the company to resume dividend distributions for the first time since 2001.

The transaction remains subject to customary closing conditions, including regulatory approvals and required performance guarantees.

MetroGAS’s current distribution license expires in December 2027. Argentina’s gas regulator, ENARGAS, has recommended extending the concession for an additional 20 years, with final approval remaining with the Executive Branch.

The acquisition further expands Manzano’s presence across Argentina’s strategic energy infrastructure, combining interests in the country’s largest electricity distributor with a controlling position in its largest natural gas distributor.