Endesa initiates sale of Spanish gas network

22/04/2010 13:00 Natural Gas

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Endesa has started the process of selling Spain’s gas distribution and transport network. This deal is estimated at about 760 million euros (1.02 billion U.S. dollars).

The Spanish utility which is owned in proportion of 92% by Enel has started to provide information to potential buyers about this sale intention. Enel, which is the most indebted company in Europe, aims to reduce its debt by the end of 2010 by almost 6 billion Euros, arriving at 45 billion euros. Endesa renewable assets will merge with those of Enel Green Power (EGP), ahead of a preliminary public offering of EGP that could increase no less than 4 billion euros. In 2009, the gas assets of the Spanish company Endesa, achieved earnings before interest, taxes, depreciation and amortization (EBITDA) of 58.4 million euros, having 397,000 connection points. According to some industry sources, Endesa assets might be estimated at about 10-13 times EBITDA, a value that could reach between 584 and 760 million euros. The company officials still hope that this sale process will be completed this summer. The financial investors who are interested in this offer are: Macquarie, CVC Capital and Partners and Prudential's M & G Investments. According to AXA Private Equity representatives, they plan a bid together with Italian investment fund F2i.

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