The USS fund hires Deutsche Bank to decide the future of Redexis
The British firm, together with ATP, must decide in a month whether to acquire 33% of the former Endesa Gas that its Chinese partners are selling, or to join the divestment. Nortegas would be the favourite to buy if 100% were to be put on the market.
British pension fund USS and Danish fund ATP have a month to decide whether to exercise their right of first offer to buy the 33.3% stake in Redexis held by Chinese investors GTFund and CNIC. Redexis, valued at around €2,000 million, is a gas distribution company that owns former Endesa assets mainly located in Aragon and the Balearic Islands.
If USS and ATP choose not to buy the stake, it may be put on the market, with Nortegas emerging as a potential buyer. The decision by GTFund and CNIC to sell their stake may trigger a total renewal of Redexis' shareholder base and potentially lead to a deep consolidation of the independent gas distribution sector in Spain.
Written by urgent.news from Expansion ES's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
