Repsol sells Gas Natural stake to CVC

Spain’s Repsol has agreed to sell its 20 percent stake in Gas Natural to CVC Capital Partners for 3.82 billion euros, which equates to a price of €19 per share, a move that could allow the oil major to restart investment after years of debt reduction.

The transaction resulted in capital gains for Repsol totalling €400 million.

Repsol has now reduced its debt to €6.3 billion – at the end of 2015, its debt stood at around €12 billion.

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. It is also subject to regulatory approvals. 

Legal advisors of Repsol: 

Uría Menéndez: Cándido Paz-Ares (partner, M&A-Private Equity); Carlos Paredes (partner, M&A-Private Equity); Alfonso Gutiérrez (partner, Antitrust); Carlos Franco (counsel, M&A-Private Equity); Juan Alti (senior associate M&A-Private Equity) and Felipe Carbonell (junior associate, M&A-Private Equity)

Counsel to Grupo Financiero Alba:

Clifford Chance LLP (Madrid): Partners Jaime Velázquez, Rodrigo Uría and Samir Azzouzi. counsel Roberto Grau, associates Jorge Martín and Felipe Font.

Counsel to CVC Capital Partners:

Pérez-Llorca (Madrid and Nueva York): partners Pedro Pérez-Llorca, Pablo González Mosqueira, Julio Lujambio, Javier Gómez and Iván Delgado, associates Álvaro Ramírez de Haro, Ana Alonso, José Luis Romeu, Andrés Hernández Miñana, and Francisco Gómez.

Garrigues (Madrid): partner Juan Reig and senior associate Álvaro Manteca. 

Muñoz Tamayo & Asociados (Bogota): partner Felipe Trías Visbal and associates Fernando Bermúdez Durana and Jorge Alejandro Cárdenas.

Brigard & Urrutia (Bogota): partner Sergio Michelsen, associates Tomás Holguin and Juan Pablo Malaver.

Beccar Varela (Buenos Aires): partners Ramón I. Moyano and Carlos Cueva, counsel Manuel Adrogué and senior associate Gonzalo Viña. 

Carey (Santiago de Chile): partners Pablo Iacobelli and Juan Francisco Mackenna, counsel Patricia Silberman and associates Carmen María Poblete and Diego Ibarrola. 

Mattos Filho Veiga Filho, Marrey Jr. e Quiroga Advogados (São Paulo): partners Rodrigo Ferreira Figueiredo, Domingo Antonio Fortunato Netto, Amadeu Carvalhaes Ribeiro and Giovani Loss, and associates Fábio José Marino Duarte and Igor de Souza Tostes.