Natixis Partners Iberia advised a consortium of institutional investors formed by JP Morgan Asset Management, the Abu Dhabi Investment Council, Swiss Life Asset Managers and Covalis Capital on the acquisition of Naturgas Energía Distribución, S.A. (NED) EDP’s gas distribution subsidiary in Spain.
NED comprises over 1 million natural gas and liquefied propane gas points of supply located in the regions of the Basque Country, Cantabria and Asturias. The offer for 100% of the company reached a Firm Value of €2,591m and resulted in a c.€2.3bn reduction on EDP’s net debt in 2017.