Naturgy has concluded the sale of its electricity network business in Chile to the state company State Grid International Development Limited (SGI), following the successful completion of the tender offer launched by State Grid, as a necessary and final step to complete the transaction.
In mid-November 2020, both companies announced an agreement for the sale of Naturgy’s 96.04% stake in the Compañía General de Electricidad (CGE). During these months, the transaction has obtained the relevant regulatory approvals, as well as the necessary authorizations from the competition supervisory bodies in Chile, prior to the launch of the tender offer by SGI at the end of June 2021.
“The closing of this transaction allows us to crystallize value, as well as to strengthen our balance sheet allowing us to be more ambitious in our commitment to renewables growth and better positioned to face the challenges of the sector and the energy transition”, explained the Executive Chairman of Naturgy, Francisco Reynés.
Following completion of the tender offer, the transaction is concluded and Naturgy finalizes the sale of its Chilean electricity network business. The transaction values 100% of CGE’s equity at more than 2,700 million euros.