US fund GIP to buy 20pc stake in Span­ish gas firm

The Myanmar Times - - International Business -

SPAIN’S oil gi­ant Rep­sol and in­vest­ment firm Cri­te­ri­aCaixa have agreed to sell a 20 per­cent stake in Gas Nat­u­ral Fenosa to US fund GIP for 3.8 bil­lion eu­ros (US$4.3 bil­lion).

Rep­sol said it would sell just over 100 mil­lion shares – or a 10pc stake in util­ity Gas Nat­u­ral – to GIP for 1.9 bil­lion eu­ros, and Cri­te­ri­aCaixa would do the same.

“The sur­plus value gen­er­ated by Rep­sol ... reaches around 246 mil­lion eu­ros,” said the oil com­pany, which will still have a 20pc stake in Gas Nat­u­ral Fenosa af­ter the sale.

Cri­te­ri­aCaixa, mean­while, re­mains the util­ity’s main share­holder af­ter the sale with a 24.4pc stake, “main­tain­ing sig­nif­i­cant in­flu­ence in the com­pany,” the com­pany said in a state­ment.

Global In­fra­struc­ture Part­ners (GIP) is a New York-based fund that in­vests in in­fra­struc­ture sec­tors in­clud­ing util­i­ties, trans­port and waste treat­ment. –

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