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.
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