Hedge Funds

Eton Park snaps up stake in Argentine utility

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Eton Park, the $5.5 billion hedge fund group founded by Eric Mindich in New York, has taken a 50% stake in Citelec, the holding company of Argentina's largest electricity producer. The seller was Petrobras Energia.

Officials at the firm declined to comment because final approval for the $54 million deal is still pending with Argentine regulators.

Citelec owns 52.7% of Transener, Argentina's largest energy producer. Transener in turn controls the country's national electricity grid system, which also provides power to parts of Brazil.

Eton Park, which began trading in November 2004, has garnered much attention because of its aggressive private