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    REP   ES0173516115

REPSOL S.A.

(REP)
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Spain's Repsol agrees to sell Gas Natural stake to CVC

02/22/2018 | 04:58am EDT
FILE PHOTO: A Repsol logo at a petrol station in Bormujos near Seville, southern Spain

MADRID (Reuters) - Spain's Repsol (>> Repsol YPF) has agreed to sell its 20 percent stake in Gas Natural to CVC Capital Partners for 3.82 billion euros(3.38 billion pounds), a move that could allow the oil major to restart investment after years of debt reduction.

MADRID (Reuters) - Spain's Repsol has agreed to sell its 20 percent stake in Gas Natural to CVC Capital Partners for 3.82 billion euros(3.38 billion pounds), a move that could allow the oil major to restart investment after years of debt reduction.

Repsol will sell the stake to Rioja Bidco Shareholdings, controlled by private equity firm CVC, for a price equivalent to around 19 euros per share, it said on Thursday. Capital gains from the sale were around 400 million euros, it said.

Repsol did not say what it will use the proceeds from the sale for. Options include further cutting debt or investment in assets like renewables.

Analysts at BBVA said on Thursday the company may be tempted to invest the proceeds in renewable or non-fossil fuel alternatives to tempt investors but warned this could expose the group to regulatory and integration risks.

The oil and gas company had long been rumoured to be considering the sale of the non-strategic asset. The reaction to the sale by shares in both companies was muted.

Gas Natural was trading 0.4 percent higher at 18.35 euros at 0922 GMT, while Repsol was 0.57 percent lower.

Repsol has focused on cost reduction in recent years to improve its balance sheet, resulting in recent credit rating upgrades.

Europe's fifth-largest refiner by market value is on track to cut its debt to below 7 billion euros by the end of 2017, down from 8.1 billion euros at the end of 2016 and around 12 billion euros a year earlier.

Repsol and Criteria Caixa, the holding company that owns Caixabank, agreed a near 4-billion-euro deal to each sell a 10 percent stake in Gas Natural to Global Infrastructure Partners in September 2016.

(Reporting by Sonya Dowsett; Editing by Paul Day and Adrian Croft)

Stocks treated in this article : Gas Natural Fenosa, Repsol YPF, CaixaBank

© Reuters 2018
Stocks mentioned in the article
ChangeLast1st jan.
CAIXABANK, S.A. -4.13% 2.505 Delayed Quote.19.23%
JUST GROUP PLC -2.06% 100 Delayed Quote.43.06%
NATURGY ENERGY GROUP, S.A. -0.18% 21.79 Delayed Quote.14.93%
REPSOL S.A. -2.87% 9.221 Delayed Quote.11.77%
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Financials
Sales 2021 38 422 M 45 595 M 45 595 M
Net income 2021 1 963 M 2 329 M 2 329 M
Net Debt 2021 7 056 M 8 374 M 8 374 M
P/E ratio 2021 6,89x
Yield 2021 6,51%
Capitalization 14 277 M 16 936 M 16 942 M
EV / Sales 2021 0,56x
EV / Sales 2022 0,50x
Nbr of Employees 23 727
Free-Float 87,2%
Chart REPSOL S.A.
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Repsol S.A. Technical Analysis Chart | REP | ES0173516115 | MarketScreener
Technical analysis trends REPSOL S.A.
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 26
Last Close Price 9,22 €
Average target price 11,94 €
Spread / Average Target 29,5%
EPS Revisions
Managers and Directors
Josu Jon Imaz San Miguel Chief Executive Officer & Executive Director
Antonio Lorenzo Sierra Chief Financial Officer
Antonio Brufau Niubó Non-Executive Chairman
Luis Aurelio Cabra Dueñas Executive Managing Director-Technology Development
Iñigo Alonso de Noriega Satrústegui Chief Compliance Officer
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