2021-01-26T11:42:00+00:00
IFM Investors has made an offer to buy a 22.69% stake in Madrid-listed Naturgy Energy for €5.06bn.
IFM, on behalf of the IFM Global Infrastructure Fund, is offering to buy 220m shares in the global gas and electric utility at €23 each, representing a 19.7% premium to Naturgy’s last trading price.
Naturgy’s diversified infrastructure portfolio spans over more than 20 countries. Naturgy has the largest gas distribution and third-largest electricity distribution networks in Spain. It is also a major investor in renewables, with an existing portfolio of 4.6GW of capacity, including wind, solar and hydro-electric.
Early this month, Naturgy acquired Hamel Renewable, a US solar and energy storage development platform. The deal followed its announcement in November last year that it had signed a long-term sale contract to build a wind farm in Victoria, Australia, through Global Power Generation, a 75-25 joint venture with Kuwait Investment Authorit
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