Goldman, Citigroup to advise on sale of Spain’s Redexis, say sources: Reuters

Goldman Sachs and Citigroup will advise Goldman Sachs’ infrastructure fund GSIP on the sale of its Spanish energy business Redexis in the next few weeks, three sources familiar with the matter told Reuters.

Spanish online news outlet El Confidencial reported on Thursday that the sale could be valued at up to 2.5 billion euros ($2.8 billion), citing sources close to Goldman, which bought Redexis in 2010.

Consultancy KPMG and law firm Clifford Chance are also involved in the sale, the sources said.

Representatives for Goldman and KPMG declined to comment, while those for Clifford Chance and Citigroup could not be reached.

Redexis transports and distributes gas to retail and wholesale clients in 26 Spanish provinces through a network of around 9,000 kilometres of pipelines and 600,000 supply points.

It had a core profit, or earnings before interest, taxes, depreciation and amortization (EBITDA), of 136 million euros in 2015 while net debt stood at 840 million euros.