BP today confirmed that formation of Pan American Energy Group (PAEG) has completed. The new company, owned by BP (50%) and Bridas Corporation (50%), is now the largest privately-owned integrated energy company operating in Argentina.
PAEG was formed by the combination of Pan American Energy and Axion Energy. Pan American Energy had been owned 60:40 by BP and Bridas Corporation and Axion wholly-owned by Bridas Corporation.
The cash-free transaction had originally been expected to complete in early 2018.