Deal · Mexico
Nader Hayaux Goebel advises EPM on TICSA sale to Odinsa
Nader Hayaux Goebel advised Empresas Públicas de Medellín E.S.P. (EPM) and its subsidiaries EPM Capital México, S.A. de C.V. and EPM Latam, S.A. on the sale of 100% of the shares of Tecnología Intercontinental, S.A.P.I. de C.V. (TICSA) to Odinsa, S.A. and Odinsa Aguas, S.L.
Nader Hayaux Goebel advised Empresas Públicas de Medellín E.S.P. (EPM) and its subsidiaries EPM Capital México, S.A. de C.V. and EPM Latam, S.A. on the sale of 100% of the shares of Tecnología Intercontinental, S.A.P.I. de C.V. (TICSA) to Odinsa, S.A. and Odinsa Aguas, S.L. The cross-border transaction implemented a key step in EPM’s long-term portfolio optimization strategy and enabled Odinsa to enter Mexico and launch Odinsa Aguas, its regional water infrastructure platform.
The transaction was signed on September 23, 2025, and closed on August 18, 2026, following satisfaction of the applicable merger-control and third-party approval requirements. The sale concluded an open and competitive international process in which strategic investors and funds from different countries were invited to participate.
TICSA is a Mexican water infrastructure company with 45 years of experience in the design, construction, operation and maintenance of water treatment systems. It has built 175 plants across Mexico, Colombia and Chile, whose combined treatment capacity is equivalent to serving approximately nine million people.
Its projects include the large-scale Tierra Negra wastewater treatment plant in Chihuahua, with a capacity of 1,500 liters per second, and the Celaya wastewater treatment plant, with a capacity of 750 liters per second. Together with TICSA’s other plants, these facilities form a water treatment platform of regional scale.
For EPM, the transaction executed a key step in its long-term portfolio optimization strategy, allowing it to reallocate capital toward businesses with stronger strategic alignment and risk-return profiles. For Odinsa and Grupo Argos, the acquisition represented both an entry into Mexico and an expansion into water infrastructure, complementing Odinsa’s established road and airport concession platforms.
