GIP III acquires 20% stake in Gas Natural

Subscribe to our newsletter and get the latest news and business opportunities in your inbox
GIP III acquires 20% stake in Gas Natural

Global Infrastructure Partners (GIP), a leading independent global infrastructure investor, has announced that its fund, Global Infrastructure Partners III (GIP III), and a group of its Limited Partner Co-Investors have agreed to acquire a 20% interest in Gas Natural SDG, S.A. from Criteria Caixa, S.A. and Repsol, S.A. at an acquisition price of €19.00 per share, for a total consideration of €3.8 billion (US$4.2 billion).

Each of Criteria and Repsol will sell a 10% interest to GIP and as result of the transaction, Criteria and Repsol have agreed to terminate the shareholders’ agreement between la Caixa and Repsol regarding Gas Natural.

Gas Natural is one of the largest energy infrastructure companies in the world with operations in more than 30 countries and over 23 million customers. The company operates across the gas value chain from procurement to liquefaction, storage, regasification, transportation, distribution and marketing. The company owns the largest gas distribution network and has a leading market share in the retailing of gas in Spain. Gas Natural also owns and operates gas distribution networks in Latin America with leading market shares in Brazil, Chile, Colombia and Mexico. Additionally, Gas Natural is the third largest electricity distribution company in the Spanish market and has leading electricity distribution market shares in Chile and Panama. Gas Natural owns approximately 15GW of electricity generation assets in Spain and internationally. Gas Natural is listed on the Spanish stock exchanges and forms part of the IBEX 35.

The closing of the transaction is conditional upon approval of certain corporate governance changes by the Board of Directors of Gas Natural, including GIP representation on the Board and its Committees and an amendment to the Regulations of the Board of Directors to require approval of certain matters by a two-thirds majority. The transaction is expected to be completed by the end of September 2016.

Adebayo Ogunlesi, Chairman and Managing Partner of GIP said:

“We are delighted to be entering into this long term strategic partnership with Gas Natural, one of the world’s leading energy companies and a recognized leader in the energy sector in Spain. Gas Natural has an outstanding portfolio of gas and electricity assets that generate strong, stable cash flows. This transaction is in line with GIP’s strategy of investing in high quality, industry leading companies and assets. We look forward to working with Gas Natural’s management and leveraging our considerable experience in the energy sector to support them in delivering on their strategic plan.”

List of country news

Country news

  • September 21, 2016

    Four teams shortlisted for Chicago Union station redevelopment

    Amtrak, US’s intercity passenger rail service and its high-speed rail operator, has shortlisted four teams for the redevelopment of the Chicago Union Station P3 project.  Read more
  • September 21, 2016

    Stafford Capital Partners reaches second close of Stafford Infrastructure Secondaries Fund II

    Stafford Capital Partners, a leading private markets investment group with a global presence and US$4.4 billion under management and advice, has announced the second close of its new infrastructure fund, Stafford Infrastructure Secondaries Fund II (SISF II). Read more
  • September 21, 2016

    University of Kentucky tenders mixed-use parking P3

    The University of Kentucky (US) has launched a tender process for a mixed-use parking development. Read more
  • September 19, 2016

    Plenary Group opens office in Miami

    Plenary Group is strengthening its presence in the United States and has opened an office in Tampa, Florida. Read more
  • September 15, 2016

    AMP Capital grows US Infrastructure Debt team

    AMP Capital has appointed Adam Heath as Vice President in its Infrastructure Debt team, based in New York (US). Read more

Share this news

Join us

In order to get full access to News section, you must have a full subscription. You can check all the benefits of becoming a member and purchase a subscription on our membership page.