Goldman Sachs Infrastructure funds acquire remaining 20 % stake in Endesa Gas
Sources say that Endesa Gas, S.A. (wholly owned by Endesa, S.A., which is owned by Enel) has reached an agreement to sell its 20% stake in Endesa Gas T&D, S.L. to two Goldman Sachs infrastructure funds.
"The €130 million from this disposal, once cashed in, will be fully dedicated to the reduction of Enel net debt," said an Enel spokeswoman. "The transaction announced today represents a step further to fulfill our €6 billion disposal programme to be completed by the end of 2014," she added. Thursday, Enel reported net debt at the end of September dropped to €43.99 billion from €44.52 billion as part of its third-quarter results.
Endesa Gas T&D, S.L. carries out natural gas transmission and distribution in various areas in Spain. Goldman Sachs infrastructure funds already own 80% of Endesa Gas T&D by virtue of a purchase and sale agreement signed with Endesa Gas on 17 December 2010.
The sale of stake includes the transfer to the buyer of Endesa Gas' participating loans with Endesa Gas T&D. The total transaction (sale and loan transfer) price is approximately €130 million.
The sale, which is not subject to any conditions precedent, will be executed before the end of 2013.
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