Goldman Sachs sells its shares of the gas distributor Redexis, of which it was owner of 50.1% of shares, and has distributed its stake across four buyers, as reported by the Spanish company. The close of the transaction is pending approval by the anti-trust authorities of Spain and Denmark, expected this quarter.
The European pension funds Arbejdsmarkedets Tillægspension (ATP) and Universities Superannuation Scheme (USS), shareholders since 2010, and which owned the remaining 49.9% since 2017, will own 33.3% each at the close of this acquisition. The Chinese financial investors, Guoxin Guotong Fund LLP (GT Fund) and CNIC Corporation Limited, will share the remaining third. This operation will take place through a company in which GT Fund and CNIC hold 51% and 49% ownership of capital stock, respectively.
The Chairman of Redexis Gas, Fernando Bergasa, states: “We are pleased with the increase of equity stake of both ATP and USS for the second time, consolidating their support of our long-term growth strategy and of its significant investment plan. Likewise, we appreciate the long-term commitment of our investors GT Fund and CNIC, which will help strengthen our plan for growth and enable us to take advantage of new opportunities”.
Investment of €1.1 billion since 2010
Redexis Gas is dedicated to the transportation and distribution of natural gas, as well as the distribution and commercialization of liquid petroleum gas in Spain. Since Goldman Sachs became shareholder in 2010, it has invested over €1.1 billion in the development of its transportation and distribution networks in Spain, and has doubled its revenues and EBITDA from €112 million and €65 million in 2010 to €232 million and €162 million in 2017, respectively.
ATP and USS, Danish and British pension funds, respectively, make significant long-term investments in top-class infrastructure companies, says a Redexis press release.
GT Fund and CNIC are long-term financial investors and focus on state-of-the-art infrastructure assets worldwide. To manage their stock, they will count with the support of the British company Hastings Funds Management.
At the close of the 2017 fiscal year on December 31st, Redexis Gas owned and operated a total of 9,990 kilometers of gas infrastructures. The company generated over 300 direct and 2,800 indirect jobs.