Repsol Agrees to Sell 20% Stake in Gas Natural for EUR3.82 Billion -- Update
22 Febbraio 2018 - 12:22PM
Dow Jones News
Adds information on the prospective shareholder--Rioja Bidco
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
Rioja Bidco Shareholdings, controlled by CVC Capital Partners, for
3.82 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.
In a separate regulatory filing, Corporacion Financiera Alba,
part of Grupo March, said that it had reached an agreement to
indirectly invest EUR500 million into Rioja Bidco, representing
25.7% of the capital. Alba will subsequently hold an indirect 5.1%
interest in Gas Natural.
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 06:07 ET (11:07 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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