Upon completion of the transactions, Repsol will have a portfolio of piped gas assets with capacity to serve 141,535 customers and also surpasses its target to divest $1bn of non-strategic assets in order to optimize its portfolio.
The company expects the deal to generate an estimated after-tax capital gain of €367m.
The agreements, which is subject to regulatory approvals, is planned to be completed in early 2016.
Repsol said the divestment plan comes as a result of the significant increase in size and core assets from the 100% acquisition of Canadian oil company Talisman Energy for $8.3bn in December 2014.
Recently, Repsol agreed to sell 10% stake in Compania Logistica de Hidrocarburos (CLH) to France-based independent private investment company Ardian for €325m.
CLH currently owns more than 4,000km of pipeline and seven million m3 of storage capacity in Spain, including strategic national reserves.
Commenting on the acquisition, Ardian head of infrastructure and executive committee member Mathias Burghardt said: "This investment will provide certainty and stability to CLH, a critical infrastructure asset in Spain."
Repsol also divested stakes in three exploratory blocks offshore Canada to BG Group earlier this year.
