Madrid-based energy conglomerate Repsol SA said on Thursday that it would profit €400 million on a consolidated basis after agreeing to exit Gas Natural SDG SA. Rioja Bidco Shareholdings SLU, owned by CVC Capital Partners Ltd.'s funds, signed a deal to pay nearly €3.82 billion for a stake of 20.07%, the statement reveals. The buyout giant is getting the assets for €19 per share.
The company headquartered in Barcelona, branded as Gas Natural Fenosa, distributes and transports gas and runs infrastructure for the commodity, while it also generates and supplies electricity. The deal is pending regulatory clearances in Mexico, South Korea, Japan and Germany, with a deadline of six months, Repsol said. The same period applies for relevant authorities in Ireland, as the share of the target entity entails an indirect shareholding in Clover Financial and Treasury Services Ltd.
The document adds CVC must reach an agreement with Criteria Caixa SAU and Global Infrastructure Partners' GIP III Canary 1 Sarl, controlling 24% and 20%, respectively. GIP has acquired its holding in 2016 from Repsol and Criteria Caixa (owner of CaixaBank SA), also for €19 per share.
