Three teams in the race for Spanish natural gas distributor
Three teams have bid to acquire Madrileña Red de Gas, a Spanish natural gas distributor owned by Galp Energia and Morgan Stanley infrastructure unit.
Madrileña Red de Gas has about 5,350 kilometers of pipelines. The firm's EBITDA in 2014 was €149.2 million (US$161.7 million).
The three consortia that have entered in the second round to acquire the gas firm are the following:
- Canada Pension Plan Investment Board (CPPIB), Allianz and Abu Dhabi Investment Authority (ADIA)
- Public Sector Pension Investment Board (PSP Investments) and Arcus Infrastructure
- Gingko Tree and PGGM
The value of the transaction is estimated at €1.2 billion (US$1.3 billion). Citi is responsible for selling the company, which is majority owned by Morgan Stanley.
In 2010 Gas Natural sold Madrileña Red de Gas to Galp Energia and Morgan Stanley for a total of €800 million, after regulators forced a sale. Morgan Stanley owns the distribution assets and Galp Energia owns the supply businesses.
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