Repsol in Talks to Divest from Gas Natural

Spanish oil and gas firm Repsol is negotiating the sale of its remaining 20% Gas Natural (GN) stake, reported Expansion. 

The well-informed Madrid business newspaper reported January 10 that Repsol is in talks with private equity firm CVC Capital Partners to sell its 20% stake, estimated to be worth €4bn ($4.8bn).

In response, Repsol shortly after 11am Spanish time issued a stock market filing, confirming that it had “received interest from various investors, including CVC” after sounding them out about buying its 20% stake in GN, adding: “This expression of interest is in the preliminary phase, there is no signed agreement … nor has any decision been taken by the [Repsol] board of directors."

In September 2016, Repsol and Criteria Caixa each sold a 10% stake in gas utility, marketer and trader GN to New York-based private equity fund Global Infrastructure Partners (GIP) for a total of €3.8bn.

Caixa is now GN’s largest shareholder with 24%, followed by Repsol and GIP (each 20%) and Algerian state Sonatrach 4%.

Luxembourg-headquartered CVC is one of the backers of Neptune Energy, which is acquiring majority control of Engie E&P. CVC also owns Polish power distributor PKP Energetyka.