Medellín AI Summit outlines strategic growth for global investors.

The city of Medellín is scheduled to host the second edition of the “WOBI on AI and Business Transformation” summit on April 28, 2026. The event, which will take place at Plaza Mayor, represents the sixth major collaboration between the Alcaldía de Medellín and WOBI since the partnership began in 2017. This year’s forum focuses on the integration of artificial intelligence into corporate leadership and operational strategy, reinforcing the city’s status as a Special District of Science, Technology, and Innovation.

Martha Lucía Maldonado Nieto, Managing Director of WOBI Colombia, detailed the evolution of the event series, noting that previous editions held between 2017 and 2019 attracted more than 4,300 business owners. “Since last year, we have shifted these digital transformation conversations toward an unavoidable topic: Artificial Intelligence,” Maldonado stated. She emphasized that the summit is designed to analyze how AI supports macro-management themes rather than providing purely technical instruction. “WOBI is not about providing technical content. Our goal isn’t to teach people how to operate a specific AI tool, but rather to support them in their roles as leaders.”

“We are certain that only by sensitizing our leaders will we achieve real changes in organizations.” — María Fernanda Galeano Rojo

The upcoming summit features a lineup of international speakers covering diverse facets of the technology. Terry Gutiérrez, the General Manager for Tesla (TSLA) in Mexico and Latin America, will present on leadership algorithms. Nathan Furr, a professor at INSEAD, is set to discuss using AI to scale business models. Other speakers include marketing expert Giuseppe Stigliano and Andrew Mayne, a former prompt engineer at OpenAI, who will provide insights into the development of ChatGPT. Maldonado noted that the curation of this content is managed by WOBI’s team in New York to identify global trends relevant to executive decision-making.

María Fernanda Galeano Rojo, the Secretary of Economic Development for Medellín, will also address the assembly on the role of “Cities that Think.” Galeano Rojo highlighted the city’s commitment to ensuring high-level technological discourse reaches multiple sectors of the local economy. “We will have 600 leaders, more than 70% of whom will be from our city,” Galeano Rojo said. “At the same time, we will have parallel activities where we will be talking with these same speakers, as well as with entrepreneurs and university students. What we want is for all this knowledge to reach different sectors of our city.”

The event structure has transitioned to a membership model as of 2024, though individual tickets remain available. Maldonado confirmed that the average cost for participation is approximately $1,990,000 COP. The summit aims to build on the success of the inaugural AI edition, which saw 800 attendees from 350 companies and has since been exported to Madrid and Milan. “Artificial Intelligence is not just another trend; it is a new reality,” Maldonado added. “It is going to change and impact us in much the same way that the internet at some point changed the way we function.”

The Secretaría de Desarrollo Económico continues to prioritize digital skills and AI training as part of its broader economic strategy. According to Galeano Rojo, the objective of the Alcaldía de Medellín is to use these international platforms to drive social and organizational transformation. “We are betting on digital skills training and AI training,” she remarked. “We are certain that only by sensitizing our leaders will we achieve real changes in organizations.”

The one-day academic session will begin at 9:00 AM. Key regional entities including Rappi, McKinsey, and Procter & Gamble (PG) were cited as background for the expertise being brought to the stage, reflecting the professional trajectories of the invited speakers.

Frontera must pay a $25 million USD breakup fee to Geopark.

Frontera Energy Corporation (TSX: FEC) has entered into a definitive arrangement agreement to divest its Colombian upstream exploration and production (E&P) portfolio to Parex Resources Inc. (TSX: PXT) for a total firm value of approximately $750 million USD. The transaction follows the termination of a previous agreement with GeoPark Limited (NYSE: GPRK). Frontera opted for the Parex proposal after the Calgary-based independent producer offered $525 million USD in equity consideration, a $125 million USD increase over the prior GeoPark bid. As part of the transition, Frontera has paid a $25 million USD breakup fee to GeoPark.

The $525 million USD equity consideration includes an immediate $500 million USD cash payment upon closing and a $25 million USD contingent payment. The latter is dependent on the execution of a contractual amendment or binding agreement to extend the term of the Quifa Association Contract within 12 months.

Beyond the cash equity, Parex will assume $390 million USD in existing Frontera liabilities. This includes $310 million USD in 2028 Senior Unsecured Notes and an $80 million USD prepayment facility with Chevron Products Company, a subsidiary of Chevron Corporation (NYSE: CVX).

Following the close of the deal, Frontera intends to distribute approximately $470 million USD to its shareholders, which equates to roughly $9.18 CAD per share based on current exchange rates and outstanding share counts. This distribution is subject to shareholder approval and the successful completion of the transaction.

Frontera is retaining its exploration interests in Guyana.

Shift to Infrastructure Focus

Upon completion, Frontera will pivot its corporate strategy to focus exclusively on energy infrastructure. Its remaining portfolio will be anchored by two primary Colombian assets:

• A 35% equity interest in Oleoducto de los Llanos Orientales S.A. (ODL), a critical crude oil pipeline.
• A 99.97% equity interest in Sociedad Portuaria Puerto Bahía, a multipurpose port facility in Cartagena.

The company will also retain its exploration interests in Guyana. Frontera’s infrastructure division generated approximately $77 million USD in distributable cash flow in 2025. Post-transaction, Frontera expects to maintain $50 million USD in cash reserves to fund growth projects, including a potential Liquefied Natural Gas (LNG) regasification project in partnership with Ecopetrol S.A. (NYSE: EC; BVC: ECOPETROL).

Orlando Cabrales, CEO of Frontera, noted that Parex is currently the largest independent operator in Colombia and a pre-existing partner in the VIM-1 block, which suggests operational continuity for the assets and employees involved.

The independent members of Frontera’s Board of Directors have unanimously recommended the deal. Major shareholders The Catalyst Capital Group Inc. and Gramercy Funds Management LLC, who collectively hold approximately 53% of Frontera’s outstanding shares, have signed support agreements to vote in favor of the arrangement.

Timeline and Approvals

The transaction is structured as a plan of arrangement under the Business Corporations Act of British Columbia. It requires the approval of at least two-thirds of the votes cast by Frontera shareholders at a forthcoming special meeting.

The deal is also subject to approval by the Supreme Court of British Columbia and relevant regulatory bodies in both Canada and Colombia. Parex will fund the acquisition through existing cash, credit facilities, and an underwritten financing commitment from Scotiabank (TSX: BNS; NYSE: BNS). Closing is anticipated in the second quarter of 2026.

Citi (NYSE: C) served as the financial advisor to Frontera, while BMO Nesbitt Burns Inc. provided a fairness opinion. Legal counsel was provided by Blake, Cassels & Graydon LLP and McMillan LLP.

Above photo: Frontera Energy’s Quifa field Meta Colombia. Photo credit: Frontera Energy.