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  • Iberdrola annonces sale of 20% share in Medgaz to Fluxys for 146 million euros
    édité le 28/12/2012

Iberdrola annonces sale of 20% share in Medgaz to Fluxys for 146 million euros
IBERDROLA, through its subsidiary IBERDROLA Generación, has reached an agreement with Belgian gas company Fluxys SA/NV for the sale of its 20% share in the deepwater gas pipeline MEDGAZ, for €146 million.

Within the framework of the transaction, the buying company will subrogate itself as creditor of the loan granted to Medgaz by IBERDROLA Generación for approximately €16 million in accrued interest and principal.

Thus, total transaction amounts to €130.25 million, corresponding to the sale of the Medgaz stake, plus approximately €16 million of the loan subrogation.

Also, Fluxys will succeed IBERDROLA as guarantor of a loan granted to Medgaz by the European Investment Bank (EIB). The operation is subject to the remaining pipeline consortium partners not exercising their first refusal rights and certain consents being granted.

This transaction is in line with IBERDROLA’s outlook for 2012-14 – presented in London last October – which contemplates divesting assets in non-core businesses and markets, for approximately €2 billion in the three-year period, to strengthen the Group’s balance sheet.

IBERDROLA has sold non-core assets valued at around €500 million so far this year, including the recently announced sale of its seven operating wind farms in Germany to MVV Energie AG, through its subsidiary MVV Windenergie GmbH.

Previous transactions include the sale of US-based companies The Energy Network (owner of Hartford Steam) to Energetix and NYSEG Solutions to Direct Energy; all its gas distribution assets in Spain (Madrid, Murcia and Valencia region); its 13.25% stake in Gas Natural Mexico; most of its shares in telecommunications operator Euskaltel – where it still holds a 2% stake – and the sale of GH Electrotermia, a company participated jointly with BBVA through Corporación IBV.

IBERDROLA will continue its divestment programme in coming months with the goal of reinforcing the Group’s financial strength, by reducing debt, improving financial ratios and maintaining its credit rating.

Origine : Communiqué Iberdrola

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