GN's Spanish Network Becomes Nedgia
Spain’s Gas Natural (GN) said January 15 it is rebranding its gas distribution business in Spain, Nedgia.
The unit was previously referred to as Gas Natural Distribution Business (GNDB); it supplies 10.7mn people through more than 5.3mn supply points covering much of Spain (including the Balearic islands) and has more than 51,000 km of networks in more than 1,100 Spanish municipalities including the capital Madrid.
GNDB's change of brand coincides with the entry of new equity partners. Owner Gas Natural said it is “about to close the sale of 20%, as agreed last year, to a consortium of long-term infrastructure investors formed by Allianz Capital Partners (ACP) and Canada Pension Plan Investment Board (CPPIB).” GN said August 3 2017 it would sell a 20% stake in GNDB to two funds for €1.5bn ($1.83bn), adding that CPPIB and Germany-based ACP are to invest €900mn and €600mn respectively.
The new brand and shareholding structure would reinforce Gas Natural’s compliance with the 2009 EU Gas Directive’s principle of unbundling network activities, said Madrid-registered GN January 15.
Last week, meanwhile, Repsol confirmed a report that it is negotiating the sale of its remaining 20% stake in GN, which may be worth €4bn ($4.8bn).
The new logo of Gas Natural Distribution Business (Graphic credit: Nedgia/Gas Natural)