PE groups circle Spanish infrastructure asset
The Spanish utility firm Endesa, controlled by Italian giant Enel SpA, is reportedly examining the sale of 80% of its gas transport and distribution business in an effort to reduce the group's borrowings.
A number of large private equity and infrastructure specialists are believed to have expressed interest in the business. Among them are Mcquarie, CVC Capital Partners, Axa Private Equity, Goldman Sachs and Antin Infrastructure Partners (part of the BNP Paribas group).
One possible hurdle to the sale is a clause that would give the right for Enel to buy back the assets within a five- to ten-year period - effectively meaning it is looking to 'park' the business to alleviate a short-term problem.
Endesa's distribution business is Spain's second largest, running approximately 5,000km of natural gas pipeline, with an additional 1,000 planned or under construction. The business generated revenues of just under €1bn.
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