Naturgy has completed the sale of its 96.04% stake in the Chilean electricity distribution company Compañía General de Electricidad (CGE) to the Chinese state-owned company State Grid International Development (SGID) Company for a total consideration of €2.6bn (US$3.1bn). The two companies signed an agreement on the transaction in November 2020 and the transaction has received the relevant regulatory approvals, as well as the necessary authorisations from the competition supervisory bodies.
CGE is one of the largest electricity distribution companies in Chile and supplies electricity to 45% of the country's households. The company is active in 14 regions of Chile and operates in the Central Interconnected System (SIC) and the Northern Interconnected System (SING), serving more than 2.6 million customers through its subsidiaries Emel Norte. In June 2020, SGID acquired Sempra's 100% stake in Chilquinta Energía for US$2.23bn. Chilquinta Energía is the third-largest distributor of electricity in Chile, providing electricity to approximately 2 million consumers in the regions of Valparaíso and Maule in central Chile. In addition, Chilquinta Energía also develops and operates power transmission lines in Chile.