Repsol Agrees to Sell 20% Stake in Gas Natural for EUR3.82 Billion
22 Febbraio 2018 - 10:01AM
Dow Jones News
By Alberto Delclaux
Repsol SA (REP.MC) said Thursday that it has reached an
agreement to sell its 20% stake in Gas Natural SDG SA (GAS.MC) to
CVC Capital Partners for EUR3.82 billion euros ($4.7 billion), or
EUR19 a share.
Repsol said that the consolidated capital gain from the
transaction, which completes its divestment from Gas Natural, will
amount to about EUR400 million.
The deal is subject to a shareholder's agreement between CVC and
Gas Natural's other two big shareholders--CriteriaCaixa and Global
Infrastructure Partners, or GIP, Repsol said. It is also subject to
regulatory approvals, Repsol added. Under the terms of the deal,
CVC will appoint three members to the board, replacing the
Repsol-designated ones, Repsol said.
The transaction follows a similar operation in 2016, when Repsol
and CriteriaCaixa each sold a 10% stake to GIP at 19 euros a
share.
Once this transaction is completed, Gas Natural's biggest
shareholders will be CriteriaCaixa--with a 24% stake--and CVC and
GIP, each with 20% interests.
Repsol had confirmed in January CVC's interest in its Gas
Natural stake, responding to media speculation over a possible
sale.
Write to Alberto Delclaux at alberto.delclaux@dowjones.com
(END) Dow Jones Newswires
February 22, 2018 03:46 ET (08:46 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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