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