Infra investors in the race for Spanish natural gas distributor
Three teams have bid to acquire Madrileña Red de Gas, a Spanish natural gas distributor owned by Galp Energia and Morgan Stanley infrastructure unit.
Madrileña Red de Gasis, which is the natural gas distribution company with perpetual licences serving 57 municipalities in the Region of Madrid (Madrid Autonomous Community), has about 5,350 kilometers of pipelines. The company operates 11% of the natural gas connection points in Spain. The firm's EBITDA in 2014 was €149.2 million (US$161.7 million).
The three consortia that have entered in the second round to acquire the gas firm are the following:
- Canada Pension Plan Investment Board (CPPIB), Allianz and Abu Dhabi Investment Authority (ADIA)
- Public Sector Pension Investment Board (PSP Investments) and Arcus Infrastructure
- Gingko Tree and PGGM
The value of the transaction is estimated at €1.2 billion (US$1.3 billion). Citi is responsible for selling the company, which is majority owned by Morgan Stanley.
In 2010 Gas Natural sold Madrileña Red de Gas to Galp Energia and Morgan Stanley for a total of €800 million, after regulators forced a sale. Morgan Stanley owns the distribution assets and Galp Energia owns the supply businesses.
Country news
-
-
March 18, 2015
EIB considers financing Madrid court PPP project
The total project investment is estimated at €510 million (US$537.5 million). The Community of Madrid will pay to the preferred bidder a fee of around €45 million (US$51 million) per year. The proposed EIB finance has not been disclosed. Read more -
March 24, 2015
La Rioja launches tender for health complex concession project
The government of La Rioja in Spain has launched a tender process to develop the San Millán Health Complex thought a PPP project. Read more -
March 25, 2015
GED capital buys Ahorro corporacion´s infra funds business
GED Capital, a Spanish independent private equity group, has acquired the infrastructure fund management business of Ahorro Corporación. Read more -
March 27, 2015
Cadagua wins WWTP concession in Aragon
The Spanish autonomous community of Aragon thought the Aragon Institute of Water has awarded Cadagua, a Ferrovial Agroman's subsidiary, a wastewater concession. Read more -
March 31, 2015
OHL launches an eight year eurobond issue for 325 million at 5.50
Spanish developer Obrascón Huarte Lain (OHL) has issued a €325 million (US$352.6 million) senior notes in the Eurobond market, with maturity in 2023. Read more
