Argentina’s YPF says to sell stake in electricity subsidiary to GE

BUENOS AIRES: Argentina’s state-owned oil company YPF SA said on Wednesday it has reached a deal to sell a 24.99 percent stake in its electricity generation unit to US industrial conglomerate General Electric Co.

GE will pay $276 million for the unit, YPF Energia Electrica, plus a contingency payment of $35 million with a closing date of Feb. 28, YPF said in a filing to the Buenos Aires stock exchange. Reuters had previously reported plans for the deal in December.