Cofece approves concentration between Andean and GEPIF

The Federal Economic Competition Commission (Cofece) approved the merger between Andean Social Infrastructure Fund I LP (Andean) and GEPIF II MCF Finance Dublin DAC (GEPIF).

On August 20, both companies notified Cefece of their intention to carry out a concentration, in accordance with the provisions of article 90 of the Federal Law on Economic Competition (LFCE).

The Commission is in charge of the prevention of concentrations whose object or effect is to diminish, damage or impede competition and free competition.

Likewise, it is empowered to challenge and sanction those concentrations and legal acts derived from them, whose object or effect is to diminish, damage or impede competition and free competition, in the production, distribution and commercialization of goods and services in the Mexican Republic.

Therefore, it may authorize concentrations that are not contrary to the process of competition and free competition in terms of the LFCE.


The notified operation consists of the acquisition by Andean of certain issued and outstanding shares representing the capital stock of GEPIF II Master Refineries Holding B.V. (GEPIF MRH), owned by GEPIF.

As a result of the operation, Andean will acquire indirectly in the national territory Madero Reserve, S.A. de C. V. SOFOM, E.N.R. (Madero), indirect subsidiary of GEPIF MRH.

The operation does not include a non-competition clause. From the analysis carried out by Cofece, it is considered that, if the notified operation were carried out, it would have little probability of affecting the process of free competition and economic competition.

Madero is the owner of hydrodesulfurization and amine regeneration units (ULSG Units) that are located within the Refinery Francisco I. Madero, in Ciudad Madero, Tamaulipas; on which it has entered into a twenty-year financial lease with Pemex Transformación Industrial, which uses and operates these ULSG Units in the aforementioned refinery.


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