Ruben Esteller
10.12.2014 – 22:03
Gas Natural Fenosa yesterday announced the purchase of Chilean General Electric Company in the largest operation made in the recent history of the company. The acquisition, valued at 6,000 million euros, will launch a bid for 2,600 million euros in the next ten days and take on debt by 3,400 million euros.
According to estimates by sources consulted by elEconomista, this operation will bring the gas increased debt above 25 percent, which means that their leverage (the debt / EBITDA) will go from 2.7 times EBITDA to a level close to the 3.2 times and an increase in EBITDA of 11.5 percent.
The gas, as has been reported to the Chilean supervisor, has already reached an agreement with the principal shareholders of GCE, the Group Marin Family, Group and Family Group Almería Pérez Cruz, representing approximately 54.19 per cent equity, whereby the Spanish Energy is committed to launching this tender offer for the entire share capital and sellers to part irrevocably for their actions.
The offer for 100 percent of capital, will be held at a cash price of 4,700 Chileans per share pesos and is expected to close during the second half of November.
This operation, however, is not a withdrawal of the bid by E.ON assets in Spain to which the gas concurs with Cinven in a bid made mainly by power generation assets, mainly renewable and water.
Milestone for gas
For Natural Gas, the purchase of CGE is a key strategic milestone because it allows you to enter the energy market from a position of Chile leadership through the main business of distribution of electricity and gas in the country, with more than 2.5 million customers and distributes electricity to 40 percent of the Chilean market, including part of the capital Santiago de Chile.
With the acquisition, Gas Natural Fenosa will be present in seven of the nine largest cities in Latin America and in the five mainland capital cities (Bogotá, Buenos Aires, Mexico City, Rio de Janeiro and Santiago de Chile) .
The transaction is another step in meeting growth targets in the strategic plan of Gas Natural Fenosa, as it strengthens its position in gas and electricity distribution in Latin America.
General Electric Company is the parent of one of the most important integrated energy companies in the country. Concentrated most of his activity in the electricity and gas sector in Chile (from Arica to Puerto Williams), Argentina (four provinces) and Colombia (26 of the 32 districts in the activity distribution of liquefied petroleum gas).
In the electricity market, the company is responsible for the distribution of 40 percent of electricity demand and satisfies 43 percent of consumers in Chile and is the first network operator high voltage with a share market of 35 percent and more than 3,400 kilometers of lines.
It also has a direct stake in Gasco, one of the three main LPG distributors with 27 percent market share, and Metrogas The main gas distributor in the country with more than 580,000 customers, and ensures a strong position in the market for liquefied natural gas (LNG) through its participation in the Quintero terminal.
EBITDA CGE in the year 2013 reached 743 million, of which 96 percent are active in the Chilean energy market.
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