• The company will continue to operate its gas distribution business as an independent company, with the aim of growing in its core areas of activity
  • Naturgas, that changed the name to nortegas, is the 2nd largest gas distribution network in Spain with more than one million connection points and 8,141 km of gas pipelines in the Basque Country, Asturias and Cantabria

Bilbao, July 27, 2017. – The consortium of institutional investors advised by JP Morgan Asset Management, GCC sovereign wealth fund, Swiss Life Asset Managers and Covalis Capital (the “Consortium”) today concluded the acquisition of 100% of Naturgas Energía Distribución, a gas distribution business in Spain, which belonged to the EDP group – Energias do Portugal (“EDP”). The purchase offer made by the Consortium was coordinated and directed by White Summit Capital and Covalis Capital through their partnership company, Nature Infrastructure Capital (NIC).

Naturgas, the second largest gas distributor in the country, but with some of the best efficiency ratios in the sector, starts this new phase with important growth targets.

With the closing of this operation, signed in April, Naturgas will continue to operate its gas distribution business as an independent company, focused on development and growth opportunities in its core areas of activity.

In addition to its operational and growth focus, Naturgas will need to address the creation of a new corporate identity, which will give it a unique and relevant personality within the gas distribution market.

To further that goal, the consortium has appointed Alejandro Legarda as Chairman of the new company, a professional with extensive experience in industrial companies and board member of Viscofán and CAF. For Legarda, this challenge means “the beginning of a new stage of investment and growth in the number of clients, with the support of a group of investors with long-term vision.”

Matt LeBlanc, Chief Investment Officer of the Infrastructure Investments Group at JP Morgan Asset Management, commented that “we are extremely pleased with the acquisition of Naturgas as it represents one of the largest energy operations in Spain and fits nicely within our core infrastructure strategy. With our consortium partners, we’re committed to enhancing the strategic value of gas infrastructure for Spain and will be driving the growth of these networks by providing more residential, commercial and industrial customers with access to a very efficient energy source.”

“We are delighted to invest in Naturgas. The transaction represents an excellent opportunity in the core infrastructure space. We look forward to working alongside the management team and our investment partners to maintain a high quality of service for the customers and further expand the network” says Christoph Manser, Head of Infrastructure Investments, Swiss Life.

At present, Naturgas has 8,141 kilometres of network and more than one million connection points, through which it supplies natural gas and LPG to consumers in the Basque Country, as well as in Cantabria and Asturias.

Naturgas has a staff of about 250 professionals and its corporate headquarters will remain in Bilbao. The Company has a standalone proforma EBITDA of €171 million.