Repsol SA REP said Thursday that it has reached an agreement to sell its 20% stake in Gas Natural SDG SA (GAS.MC) to CVC Capital Partners for EUR3.82 billion euros ($4.7 billion), or EUR19 a share.
Repsol said that the consolidated capital gain from the transaction, which completes its divestment from Gas Natural, will amount to about EUR400 million.
The deal is subject to a shareholder's agreement between CVC and Gas Natural's other two big shareholders--CriteriaCaixa and Global Infrastructure Partners, or GIP, Repsol said. It is also subject to regulatory approvals, Repsol added. Under the terms of the deal, CVC will appoint three members to the board, replacing the Repsol-designated ones, Repsol said.
The transaction follows a similar operation in 2016, when Repsol and CriteriaCaixa each sold a 10% stake to GIP at 19 euros a share.
Once this transaction is completed, Gas Natural's biggest shareholders will be CriteriaCaixa--with a 24% stake--and CVC and GIP, each with 20% interests.
Repsol had confirmed in January CVC's interest in its Gas Natural stake, responding to media speculation over a possible sale.