Naturgy Closes Commercial Electricity Business Plan in Chile

Naturgy Closes Commercial Electricity Business Plan in Chile

Naturgy has closed the sale of its electricity grids business in Chile to the Chinese state company State Grid International Development Limited (SGI), after successfully completing the bid launched by it as a necessary and final step to finalize the sale operation.

The company will earn about 2,600 million with this operation. In mid-November 2020, both companies announced an agreement for the sale of the 96.04% stake that Naturgy had in the General Electricity Company ( CGE ).

During these months, the operation has obtained the pertinent regulatory approvals, as well as the necessary authorizations from the supervisory bodies.of the competition in Chile, until the launch of the takeover bid by SGI at the end of last June.

“The closing of this operation allows us to crystallize value, as well as to place ourselves in a position of balance strength to be more ambitious in our commitment to renewables and to face better prepared the challenges of the sector and the energy transition”, explained the president of Naturgy , Francisco Reynés .

Once the takeover has been completed, the operation concludes and Naturgy completely closes the sale of its Chilean electricity grids business.

The operation values ​​100% of CGE’s equity at more than 2,700 million euros. Naturgy’s board of directors will approve tomorrow its strategic plan until 2025, which had been delayed by the partial takeover launched by the Australian fund IFM.

The operation, which must be authorized by the Government has been affected by the offensive of Criteria, the investment arm of the La Caixa Foundation, which has been reinforcing its participation with the first shareholder.

The Naturgy price, in fact, has already been three consecutive sessions above the price offered by Australians .

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