Spanish power utility Iberdrola has agreed to sell its 26.95% stake in Guatemalan telecommunications company Navega to Asertel.
This transaction is part of a sale agreement co-signed by the owners of Iberdrola shares in this company, through their holdings in DECA II, who have accepted the offer to buy 55% of Navega for E702m, of which Iberdrola is to receive E34.4m.
As part of this agreement, and pending the closure of the deal, Navega’s shareholders have approved a dividend payout of E9.4m, of which Iberdrola will receive E2.5m.
Asertel is majority owned (55%) by Millicom, an international group based in Luxembourg which already held a 45% stake in Navega through Comcel, another Guatemalan company of which it owns 55%.
This disposal is in line with the Iberdrola Group’s philosophy of focusing on its core energy business – electricity and natural-gas generation, distribution and supply, and of shedding non-strategic interests. The three selling shareholders bought their stakes in Navega in 2001.
Millicom is an international prepaid cellular telephony services provider operating in emerging markets in Latin America, Asia and Africa and serving 30 million customers.
