Galp sold 75% of Galp Gás Natural Distribuição (GGND) to Allianz Capital Partners, the company announced today.
The energy company announced that “it has agreed with Allianz Capital Partners, on behalf of the insurance companies of Allianz and the Allianz European Infrastructure Fund, to sell 75,01% of its stake in
Galp Gás Natural Distribuição, SA (GGND), currently 77,5% ”.
Allianz Capital Partners is the private equity fund manager of the German insurance group. The company has more assets in Portugal: the Ourika solar power plant, with 46 megawatts of power, in Ourique, Beja district.
GGND owns nine regional natural gas distribution companies in Portugal.
The operation was closed for 368 million euros, with the implicit value (EV) for 100% of GGND is 1,2 billion euros, equivalent to an EV multiple of around 13 times the estimated EBITDA for 2020 ″.
"This transaction is subject to customary regulatory approvals and obtaining third party consent, with completion expected in the first quarter of 2021," according to the company.
As the Jornal Económico revealed on October 16, Bank of America Merrill Lynch had received three binding offers for the sale of this stake that Galp Energia holds in Galp Gás Natural Distribuição (GGND), including that of Allianz.
The remaining 22,5% of GGND is held by Japanese Marubeni who joined the company in 2016.