Edition:
India

Naturgy And Sonatrach To Buy Mubadala's Stake In Medgaz


Tuesday, 15 Oct 2019 

Oct 15 (Reuters) - Naturgy Energy Group SA ::NATURGY AND SONATRACH HAVE ENTERED INTO AN AGREEMENT WITH MUBADALA FOR THE ACQUISITION OF ITS STAKE IN MEDGAZ.FOLLOWING COMPLETION OF TRANSACTION, MEDGAZ WILL BE ENTIRELY OWNED BY SONATRACH (WITH A 51.0% STAKE) AND NATURGY (WITH THE REMAINING 49.0%).TO ACQUIRE 34.05% OF MEDGAZ FOR ABOUT 445 MILLION EUROS.TRANSACTION VALUES 100% OF MEGAZ'S EQUITY AT 1.3 BILLION EUROS, IMPLYING A 1.9 BILLION EUROS ENTERPRISE VALUE.MEDGAZ IS EXPECTED TO DELIVER DIVIDENDS NORTH OF 130 MILLION EUROS PER ANNUM FROM 2021 ONWARDS.COMPLETION OF THE TRANSACTION IS EXPECTED TO OCCUR PRIOR TO THE END OF MARCH 2020.TRANSACTION VIA SPECIAL PURPOSE VEHICLE (SPV) FUNDED WITH A NON-RECOURSE LOAN OF ABOUT 260 MILLION EUROS.