Gas Natural Agrees to Sell Telecoms Unit to Cinven for EUR510 Million
June 09 2014 - 3:43AM
Dow Jones News
MADRID--Gas Natural SDG SA said Monday it has agreed to sell its
telecomunications unit to private equity firm Cinven Group Ltd. for
510 million euros ($696 million), part of an effort by the Spanish
power utility to divest non-strategic assets.
The unit, called Gas Natural Fenosa Telecomunicaciones, provides
fiber-optic cable services through a network in Spain and several
Latin American countries, Gas Natural said in a press release.
Gas Natural said it will book a EUR250 million pretax gain on
the sale.
The Gas Natural unit is the latest of several telecommunications
assets to be acquired by buyout firms in Spain, a market that
analysts consider ripe for further consolidation. Firms like
Carlyle Group LP and CVC Capital Partners Ltd. in recent years have
acquired regional cable television operators in the country.
Write to Christopher Bjork at christopher.bjork@wsj.com
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