Spanish-based companies Repsol and Criteria Caixa have signed an agreement to sell a combined 20% stake in Gas Natural SDG to global infrastructure management-controlled GIP III Canary for €3.8bn.
Both Repsol and Criteria are respectively selling 100,068,934 shares, representing 10% of Gas Natural´s share capital, for consideration of €1.90bn.
The sale will generate capital gain of approximately €246m for Repsol Group.
As a result of the foregoing, both companies will terminate the agreement between Repsol and 'la Caixa' regarding Gas Natural, dated 11 January 2000.
The termination is subject to the completion of the sale of the combined 20% stake in Gas Natural to GIP.
In the sale agreement, Repsol, Criteria and GIP have assumed certain commitments related to the corporate governance of Gas Natural.
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By GlobalDataCriteria will remain the largest shareholder in Gas Natural with a 24.4% stake and plans to make a consolidated gain of €218m from its sale of 10%.
Criteria chairman Isidro Fainé said the continuing investment in the Gas Natural project is one of the investments of Group 'la Caixa' and Repsol both nationally and internationally.
Closing of the sale is conditional upon the implementation of the corporate governance commitments by Gas Natural, in addition to an amendment to the regulations of the board of directors of Gas Natural and is expected to be completed this month.
