The Spanish natural gas and electric utility group Naturgy has signed a €141M deal to sell its entire stakes in its Moldovan subsidiaries, Red Union Fenosa and Gas Natural Fenosa Furnizare Energie. The new owner, Duet Private Equity Limited, is expected to take control over the utilities once the transaction is completed by the end of June 2019.
The transaction is part of Naturgy’s efforts to focus on its strategic regions and businesses, Naturgy said in a statement.
“The change of ownership will not affect the licensed ordinary activity of the electricity distribution and provision companies from Moldova. They will keep their managing and technical staff to ensure the continuity of service provision operations”, Gas Natural Fenosa said in a press release.
The new owner is a London-based private equity and venture capital firm specializing in early-stage investment, emerging growth, turnaround and buyouts, among other.
Red Union Fenosa and Gas Natural Fenosa Furnizare Energie are servicing about 900,000 clients, both household and non-household, in 19 administrative units of Moldova. During its 19 years' presence in Moldova, the group Naturgy, together with its precursor Union Fenosa, has invested over $326M in rehabilitating and modernizing Moldova’s electrical grid.