Brookfield Infrastructure Partners is exploring a sale of Colombian natural gas distribution company Vanti, five sources familiar with the situation said.

The listed infrastructure fund has mandated Deutsche Bank and Scotiabank to advise on the potential sale, according to three of the sources, with two noting that teasers are expected to be distributed after Holy Week, which ends on 5 April. Non-binding bids would be due following the second round of Colombia’s presidential elections at the end of June, one of the sources added.

The presidential elections are scheduled to be held on 31 May. If no candidate receives 50% of the votes, a second round of voting will take place on 18, 19, 20, and 21 June. Ivan Cepeda, from the governing Pacto Histórico is leading the polls.

Brookfield Infrastructure acquired a 59.1% stake in Vanti (then Gas Natural) from Spain’s Naturgy in November 2017 for COP 2.8tn (USD 926.3m), implying a USD 1bn valuation at the time. The remaining 40.9% was acquired in May 2018 for USD 385.9m.

One of the sources said Brookfield Infrastructure could sell Bogotá‑based Vanti for more than USD 2bn.

Brookfield Infrastructure currently owns 75% of Vanti, according to a November 2025 Spanish-language rating action commentary from Fitch Ratings. Colombian utility Grupo de Energía de Bogotá owns the remaining 25%, according to Vanti’s 2025 annual report.

One of the sources said Vanti generates about USD 150m in EBITDA. Fitch Ratings estimated Vanti will generate EBITDA of COP 509bn (USD 138m) in 2026 and COP 524bn in 2027, below the COP 630bn expected for 2025 due to a new regulated tariff that reduces distribution charges for both residential and non-residential customers.

Vanti’s prices are regulated by Colombia’s Energy and Gas Regulatory Commission (CREG) and its operations are overseen by the Superintendent of Public Utility Services.

The company holds a 31% share of Colombia’s natural gas distribution market, serving 3.7 million residential customers and 84,840 industrial users across 109 cities and towns. It operates a 26,731‑km pipeline network and sells 2,780 cubic meters of gas annually, according to its 2025 annual report. It also owns 173 natural gas vehicle service stations, 94 of which are corporate owned.

Brookfield Infrastructure, Deutsche Bank, and Scotiabank declined to comment.