GAS NATURAL FENOSA signed the agreement today to sell a 20% minority stake in the company Holding de Negocios de Gas, S.A., which owns the gas distribution network assets in Spain, to a long-term infrastructure investment consortium comprised of Allianz Capital Partners and Canada Pension Plan Investment Board.
Following approval from the competition authorities, the energy company formalised the transaction under the agreed terms. As a result, GAS NATURAL FENOSA receives a total of €1.5 billion in cash from the consortium for the 20% stake sold in Holding de Negocios de Gas. The transaction also generates positive equity reserves for GNF for the amount of approximately €1 billion.
GAS NATURAL FENOSA retains an 80% stake and will continue to consolidate the company Holding de Negocios de Gas through global integration.
The company’s Board of Directors is comprised of 7 directors, 5 designated by GAS NATURAL FENOSA and 2 designated by the consortium.
The companies integrated in Holding de Negocios de Gas include Nedgia S.A., which covers the gas distribution assets in Spain, as well as stakes in the regional distributors, exceeding 5.3 million supply points and 51,000 kilometres of network.