August 3, 2017 / 7:31 PM / in a year

Spain’s Gas Natural sells 20 percent of local grid for 1.5 bln euros

MADRID, Aug 3 (Reuters) - Spain’s Gas Natural said on Thursday it had agreed to sell 20 percent of its local grid to a consortium of foreign investors for 1.5 billion euros ($1.8 billion).

The minority stake in Gas Natural in Spain, a local subsidiary of Gas Natural, was sold to Allianz Capital Partners and Canada Pension Plan Investment Board.

Gas Natural had been studying a sale of its grid for some time as a result of growing investor interest in similar stakes in recent years. The capital from the sale will principally be used to finance future investments, the company said in a statement. (Reporting by Sam Edwards; Editing by Adrian Croft)

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