Los socios de Madrileña Red de Gas fichan a Goldman Sachs para su venta

Various stakeholders involved in the capital of Madrileña Red de Gas have engaged Goldman Sachs to analyze the sale of their shares in the company. This comes amid a reconfiguration of the ownership structure of Spain's gas distribution sector, where Naturgy, through Nedgia, currently leads with a 67% share. Other significant players include Nortegas (13%), MRG (11%), and Redexis (8%).

The prominent shareholders of MRG are Chinese firm Gingko Tree and Dutch pension fund PGGM, each owning 33.75% of the company. Goldman Sachs is expected to assist these investors. Other shareholders include French state energy company EDF Invest, at 20%, and British fund LPPI, holding 12.5% of MRG's shares. MRG was formed in 2015-2016 by acquiring the company from Morgan Stanley Infrastructure, following a sale of Madrid's gas distribution network by Gas Natural (now Naturgy) in 2010.

The company generated €148 million in regulated revenues in 2025, a 3.5% decrease from the previous year. Its EBITDA was €108 million, a 4.4% drop from the prior year, while net profit was €40 million, matching the 2024 figure. Debt, with maturities until 2031, was reduced to €740 million. MRG operates in 61 municipalities of Madrid, with around 6,179 kilometers of pipeline and over 911,000 supply points, accounting for 11.4% of the sector.

The company is the third-largest distributor after Nedgia (66.7%) and Nortegas (12.5%). Redexis holds an 8.2% share. Potential ownership changes in MRG and Redexis could lead to a major consolidation in Spain's independent gas distributors sector, following the departure of Chinese and Dutch investors.