Danish state-backed pension fund ATP is weighing a sale of its stake in Spanish gas distributor Redexis SA, according to people familiar with the matter. ATP has joined USS Investment Management Ltd. and Guotong Romeo Holdings in seeking a buyer for the company. USS and Guotong were already working with two advisors to find buyers, and the mandate has now been expanded to include ATP's shares, the people said. USS and Guotong's plans had been previously reported by Spanish media.
The deliberations are at an initial stage, and Redexis's shareholders may decide not to go ahead with the sale, the people said. Spokespeople for Redexis, ATP and USS declined to comment, while Guotong Romeo didn't respond to a request for comment. The three shareholders each own a third of Redexis, according to its website. Based on financial statements by two of the shareholders, the company has a fair value of about €1 billion ($1.1 billion). Redexis also carries an additional €1.2 billion in debt.
A potential sale would follow the Spanish energy markets regulator's earlier approval this year of a new remuneration regime for natural gas companies covering the 2027-2032 period. The framework adds predictability to their financial outlooks and makes it easier for shareholders to seek buyers.
The move comes as Canada Pension Plan Investment Board looks to sell its 12% stake in Nedgia, the largest Spanish gas distributor, Bloomberg News reported last month. Guotong Romeo is a consortium formed by Guoxin Guotong Fund LLT and CNIC.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing