SPAIN - Gala makes EUR 50m exit from energy player Cesa
Gala Capital has sold its 6.9% stake in renewable energy player Cesa Eólica for EUR 50m to Mercapital, Bridgepoint, and Basque businessman Juan Luis Arregui.
Gala had previously bought its stake for EUR 10m.
Mercapital et al. then sold the stake to energy company Acciona, owned by the Entrecanales family for EUR 70m.
In 2006, Acciona acquired the 93% of the company for approximately EUR 1.3bn. A clause in the sale had banned Gala from selling the 6.9% in its control for 20 years.
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