CVC buys stake in Gas Natural Fenosa from Repsol

The consolidated capital gain generated for Repsol through the transfer amounts to approximately €400m.

CVC made the acquisition via the Rioja Bidco Shareholdings structure.

The firm is deploying capital from its CVC Capital Partners VII fund, which held a final close in June 2017 on its €15.5bn hard-cap.

The fund intends to make around 30 investments of between €100-1bn, with a sweet spot of €300-500m, in companies with enterprise values of €500m-5bn based in European and the US.

Company
Gas Natural Fenosa is a Spanish natural gas and electricity company, founded in 1991 and headquartered in Barcelona. The company employs 17,229 people, 50% of whom work outside Spain. It operates in more than 30 countries and has 22 million customers.

In 2016, the company had an asset portfolio worth approximately €47bn and generated an EBITDA of €4.9bn. Gas Natural Fenosa is listed on the Spanish stock exchange.

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• Topics
• Buyouts
• Southern Europe
• Infrastructure
• CVC Capital Partners
• Spain