MADRID Spain's Gas Natural (GAS.MC) will approve board changes on September 21 after Repsol (REP.MC) and Criteria Caixa agreed to sell a combined 20 percent stake in the company for 3.8 billion euros ($4.3 billion), a source close to the board said on Tuesday.
The stake sale to New York-based infrastructure fund Global Infrastructure Partners (GIP), which is expected to close by the end of the month, was announced on Monday, with the fund agreeing to pay 19 euros per share.
The operation is conditional on a series of new agreements over corporate governance between the three Gas Natural investors, including on the makeup of the 17-strong board.
Criteria will hold four seats, while Repsol and GIP will take three each, giving the three companies close to the two-thirds needed to approve dividend policy.
(Reporting by Carlos Ruano; writing by Paul Day; editing by Jason Neely)