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Naturgy to sell subsidiaries in Moldova to Duet for 141 mln euro

Naturgy to sell subsidiaries in Moldova to Duet for 141 mln euro logo

BUCHAREST (Romania), April 12 (SeeNews) - Spanish natural gas and electric utility group Naturgy Energy said on Friday it has signed a deal with Duet Private Equity Limited for the sale of its entire stakes in the capital of its subsidiaries in Moldova for a total of 141 million euro ($159 million).

The transaction is part of Naturgy's efforts to focus on its strategic regions and businesses with a view to maximizing shareholder value, according to the company's development plan for 2018-2022, Naturgy, formerly known as Gas Natural Fenosa, said in a statement.

The transaction is expected to occur before the end of June 2019 and is subject to certain conditions and approvals. 

The deal's value includes dividends before closing and is not expected to generate significant capital gains for Naturgy, the company said.

The subsidiaries in Moldova that Naturgy is selling are electricity distribution company Red Union Fenosa and electricity trading company Gas Natural Fenosa Furnizare Energie.

Naturgy owns 100% of both subsidiaries.

In January 2018, Red Union Fenosa denied media reports, according to which its owner Gas Natural Fenosa has launched the sale of its assets in Moldova, but confirmed that several companies have shown interest in a potential acquisition.

Naturgy is currently present in more than 30 countries, where it serves almost 18 million customers, with 15.57 GW of installed capacity and a diversified electricity generation mix. It has been operating in Moldova since 2000, servicing over 800,000 customers via its two subsidiaries, which are engaged in electricity distribution and sales in the central and southern regions of the country, including the capital Chisinau.

Duet Private Equity Limited is a venture capital firm specializing in investments in early stage, emerging growth, turnaround, growth capital, buyout, real estate and infrastructure.

($=0.8867 euro)