Goldman Sachs Infrastructure Partners acquires gas network in Spain from EDP
Redexis Gas, a Spanish gas transmission and distribution company owned by Goldman Sachs Infrastructure Partners, has reached an agreement with EDP to acquire assets from its gas sector subsidiary in Spain, Naturgas Energía Grupo, S.A.
The transaction perimeter comprises essentially gas distribution assets held by Gas Energía Distribucion Murcia as well as in other Spanish regions, mainly in Extremadura and Gerona. The transaction scope includes approximately 117,000 gas connection points.
Naturgas Energía Grupo, S.A. is selling its gas distribution assets that are not contiguous to Naturgas’ existing operations, mostly located in the Basque Country, Cantabria and Asturias regions, where Naturgas will retain approximately 900,000 connection points and will continue developing its business.
The agreed transaction price represents an enterprise value of €236 million (US$294.5 million)and corresponds to a multiple of c.13x over EBITDA 2014.
The completion of the transaction is subject to certain conditions, including authorizations by antitrust and relevant regulatory authorities, estimated to occur during the first half of 2015.
EDP was advised on this transaction by BBVA, BESI, KWM and KPMG.
During the last 30 days, we have reported about the following M&A gas deals:
- BG Group sells QCLNG Pipeline Pty Ltd to APA Group
- Ophir Energy offers to buy Salamander Energy
- Crestwood Equity Partners sells Tres Palacios Natural Gas Storage and Pipeline Facility
- Faroe Petroleum sells Glenlivet Gas Field interest to Total
- CorEnergy acquires MoGas Pipeline System
- InfraVia purchases 20% stake in NGT Dutch gas pipeline
- DONG Energy Göteborg Energi sell FordonsGas Sverige AB to Air Liquide
