Spain’s Repsol sells Gas Natural stake to CVC

Image courtesy of Repsol

Spanish energy giant Repsol has agreed to sell its 20 percent stake in compatriot utility Gas Natural Fenosa to CVC Capital Partners investment fund.

The deal is worth 3.82 billion euros ($4.69 billion).

Repsol will sell the stake to Rioja Bidco Shareholdings, controlled by CVC, for a price equivalent to around 19 euros per share.

Capital gains from the sale were around 400 million euros, Repsol said in a statement on Thursday.

Gas Natural Fenosa is one of the main LNG operators in the world. It has stakes in liquefaction plants in Egypt and Oman, and in regasification plants Saggas in Spain and Ecoeléctrica in Puerto Rico.

It has also a fleet of 9 LNG tankers with a capacity of 1.4 million cubic meters, according to its website.

Criteria Caixa, the company that owns the Caixa bank is the largest shareholder in Gas Natural Fenosa with a 24.4 percent stake.

Repsol and Criteria Caixa signed a near 4-billion-euro deal to each sell a 10 percent stake in Gas Natural to Global Infrastructure Partners in September 2016.


LNG World News Staff

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