Argentina awards 90% of AySA shares to private consortium

The Argentine government has awarded 90% of the shares of Agua y Saneamientos Argentinos (AySA) to a private consortium for US$340.2 million. The decision was formalized through Resolution 1818/2026 by the Ministry of Economy, signed by Luis Caputo.

The winning consortium consists of four companies: Rowing SA, Arcos Saneamento e Participações SA, PHX Aqua AR BV, and Transclor SA. This bid surpassed a second-place offer from a group led by Roggio, which totaled US$285 million.

The sale contract is scheduled to be signed by November 13. However, the privatization process has raised questions regarding PHX Aqua AR BV, a Netherlands-based company linked to the Phoenix Global Investment Fund BV, a financial vehicle located in Curaçao. While market reports suggest PHX Aqua AR BV holds a 55% stake in the consortium, the official resolution does not specify the ownership distribution or identify the ultimate beneficial owners of the foreign entity.