This transaction represents an investment of E122 million and allows HC Energia to increase its participation in Naturgas from 56.18% to 65.57%. This represents an increase of Energias de Portugal’s (EDP) indirect participation in Naturgas from 54.42% to 61.83%, the company said.
EDP said that the acquisition fits the company’s strategy of reinforcing its position in the core Iberian market. In addition to the acquisition, EDP and Gas Natural have signed a set of operational agreements that will contribute to increased flexibility and reduce the risk that EDP faces in its activities in the liberalized Iberian gas market.
According to EDP, Naturgas is the second largest operator in Spanish gas distribution. The company owns a gas distribution and transmission network of 5,096km. In addition, Naturgas sold 13,755GWh on the liberalized gas market in 2006.
