The norm, in detail
First privatization of the Milei era: IMPSA
Transfer contract (Feb 11, 2025) + provincial Decree 724/2025 (Mendoza)
in executionNATIONAL
State, institutions and security
What changed and who it applies to
What changed
The national State (via FONDEP, 63.7%) and the province of Mendoza (21.2%) sold 84.9% of the capital (class C shares) of IMPSA —a metallurgical company nationalized in 2021 under Alberto Fernández— to the IAF consortium (Industrial Acquisitions Fund LLC), whose main partner is ARC Energy. The national official release confirms the buyer (IAF/ARC Energy), the percentages (63.7% FONDEP + 21.2% Mendoza), a capitalization of USD 27 M by schedule and a debt of ~USD 576 M under renegotiation; the national and international public tender was launched in October 2024 and 11 bid packages were acquired. ARC Energy's US nationality and that it was the only bidder with a FORMAL offer are supported by the coverage (La Nación, MDZ, El Economista), not by the national official release, which does not make it explicit. It is the FIRST completed privatization of the Milei government. verif · Feb 11, 2025 ↗
In force
Feb 11, 2025 (signing of the share purchase/transfer contract, date of the national official release; provincial ratification by Decree 724/2025 published in the Official Gazette of Mendoza). The share transfer was completed; the capitalization runs on an installment schedule during 2025-2026. verif · Feb 11, 2025 ↗
Who it affects
IMPSA (Industrias Metalúrgicas Pescarmona S.A., with a plant in Mendoza), its workers (ARC committed to maintaining operations and employment), its creditors (~USD 576 M debt under renegotiation), the national State and the province of Mendoza as sellers, and the buyer IAF/ARC Energy. Indirectly, the capital-goods-for-energy sector (hydro, nuclear, wind) where IMPSA is a strategic supplier. verif · Feb 11, 2025 ↗
The norm
A mixed federal-provincial transaction, with no single numbered national instrument. The share purchase/transfer agreement was signed on Feb 11, 2025 between IAF/Industrial Acquisitions Fund LLC (signatory Joaquín Eppens Echagüe), FONDEP (signatory Esteban Marzorati, for the federal government) and the province of Mendoza (signatory Deputy Governor Hebe Silvina Casado). The provincial side was ratified by Decreto Nº 724/2025 of the Mendoza government (Cornejo), published in the Boletín Oficial of Mendoza —a fact supported by the provincial press and the Mendoza government's press release; the decree number does NOT appear in the national release on argentina.gob.ar. The national FONDEP administrative act that authorized the federal side was NOT identified by number in an official primary source. NOTE: national Decreto 873/2024 corresponds to AEROLÍNEAS ARGENTINAS, not to IMPSA. verif · Feb 11, 2025 ↗
Our reading
The State exits a company it nationalized in 2021 and puts it in private hands that bring fresh capital and take on the debt. First completed privatization of the administration: a signal that the State's withdrawal from the productive apparatus is executed, not just announced (R4 deregulation + R1 fiscal anchor: less state liability). What to watch without assuming bad faith: that ARC meets the capitalization schedule (2025-2026 installments) and closes the debt renegotiation; an operation with a single formal bidder leaves success tied to that buyer. thesis
Where it lands, province by province1
Neuquén The four Comahue power stations moved to private operation with repowering commitments, and that is demand for turbines, generators and large electromechanical parts. The recapitalised local manufacturer is one of the few in the country that builds that class of equipment: the counterparty to that demand exists onshore again, with delivery times and logistics of a different order than imported. favorable thesis
The other rules on this subject22
Property shield: expropriating costs more, evicting is fasterBill PE-13/2026 (Message 22/26) — majority committee report in the Senatepending
AySA up for bid: the State sells 90% to a private operatorRes. 704/2026 MECON (Official Gazette, May 15, 2026)in execution
Ignacio Aredez· Chief analyst
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How to read the seals → verif primary source · prob primary source pending · unconf not sufficiently backed · estim our own calculation · thesis our reading