On March 28th, 2014, an agreement reached with the Government of Argentina was approved at the Annual General Meeting that recognized Repsol’s right to receive five billion dollars as compensation for the expropriation of 51% of the social capital of YPF and YPF GAS and the guarantee for its actual payment. In this way, the Company’s efforts have been rewarded and it has resulted in the creation of value for our shareholders and the strengthening of our financial position. This agreement marks the beginning of a new era filled with enthusiasm and great growth opportunities for Repsol.
In 2015, we acquired 100% of the Canadian oil company Talisman Energy for 8.3 billion US dollars (6.64 billion euros), plus debt. The transaction turned Repsol into one of the world's largest energy companies, with operations in more than 50 countries and more than 27,000 employees. It also reinforced Repsol as an integrated company with a more balanced and competitive business model, thanks to an improved asset portfolio with the incorporation of many quality assets in geopolitically stable countries.
In 2018, we added low-emissions electricity and natural gas to our market offer. This operation represented a step forward in our roadmap towards energy transition by operating in a low-emissions business with a profitable, long-term position in line with our commitment to fight climate change.
This acquisition entails the entrance of a new operator into the gas and electricity sector: one bringing with it a long-term industrial outlook and the intention of investing and generating employment. This new player also brings benefits to consumers as a whole by reinforcing competition in the sector.