Stake sold to Blackstone Infrastructure (Il Sole 24 Ore Radiocor) - Madrid, 10 Jul - The Spanish utility Enagas said that it has reached an agreement to sell its 30.2% shareholding in the American company Tallgrass Energy to Blackstone Infrastructure Partners, for 1.100 billion dollars (1.018 billion euros).

The transaction is expected to be closed at the end of July, it added.

Enagas said that the sale of Tallgrass Energy is part of the "asset rotation process" announced in its 2022-2030 Strategic Plan, which has decarbonization and security of supply in Spain and Europe as its priorities.

The transaction at closing will generate an accounting loss in the 2024 income statement of around 360 million euros and it will have a "very positive impact on the company's cash flow statement due to the cash-in that this disinvestment involves." Enagas said that will the sale strengthens its balance sheet "to undertake with guarantees the execution of the investment plan in renewable hydrogen infrastructure." The transaction also reinforces the company's dividend policy, as well as its long-term sustainability, it added.

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(RADIOCOR) 10-07-24 12:55:21 (0300) 5 NNNN