MADRID (Reuters) – Spain’s Gas Natural (GAS.MC) has between four to six bidders for assets worth about 1.5 billion euros ($2.22 billion) and hopes to close their sale by the end of the year, La Vanguardia reported on Tuesday, citing sources close to the process.
Citigroup and JP Morgan are advising on the sale, which includes a gas distribution network in Madrid and 2,000 MW of combined cycle plants. Private equity group CVC Capital Partners is among the bidders, said the sources.
Gas Natural, which recently acquired rival utility Union Fenosa (UNF.MC), will use the proceeds from the sale to help cut its 22 billion euro debt pile.
No one at Gas Natural was immediately available for comment. ($1=.6769 Euro) (Reporting by Sarah Morris; editing by Simon Jessop)