Spanish oil and gas company Repsol and Spanish investment fund Criteria Caixa have agreed with the USA-based private equity fund Global Infrastructure Partners (GIP) to sell a combined 20% stake in Spanish utility Gas Natural for €3.8bn. Repsol and Criteria Caixa divest each a 10% share for €1.9bn. Once the deal completed, Criteria Caixa will remain the main shareholder of Gas Natural with a 24.4% stake, following by Repsol 20%, GIP 20% and Sonatrach 4%.
Gas Natural is one of the largest energy infrastructure companies in the world with operations in more than 30 countries and over 23 million customers. The group operates across the gas value chain from procurement to liquefaction, storage, regasification, transportation, distribution and marketing. Gas Natural owns the largest gas distribution network and has a leading market share in the retailing of gas in Spain. The group also owns and operates gas distribution networks in Latin American countries (Brazil, Chile, Colombia and Mexico).
Gas Natural is also involved in the power market with around 15 GW of generating capacity and large electricity distribution subsidiaries in Spain, Chile and Panama.
The closing of the transaction, which is conditional on a series of new agreements over corporate governance, is expected to be completed by the end of September 2016. The deal is part of Repsol's effort to reduce its debt. The company announced in 2015 its will divest €6.2bn of assets by 2020.
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