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Sonatrach, new majority shareholder of Medgaz


ALGIERS- National hydrocarbon company Sonatrach and Spanish Cepsa and Naturgy signed Monday an agreement on the transfer of Cepsa’s shares in the gas pipeline Medgaz, said Tuesday a communiqué of Sonatrach.
Spain’s Naturgy Energy Group SA (NTGY.MC) and Algeria’s Sonatrach have agreed to buy : Abu Dhabi state fund Mubadala Investment Company will sell its 42.09% stake in the Medgaz pipeline that carries natural gas from Algeria to Spain to Spain-based Naturgy Energy Group and Algeria’s Sonatrach, Reuters reported.
As per the deal, the infrastructure including debt is valued at EUR 1.9 billion, according to the London-based news agency, citing Naturgy as saying.
Once the transaction is closed, Sonatrach will be the main shareholder of the Medgaz pipeline with a stake of 51%, while Naturgy will hold the remaining 49%.
Mubadala will sell a 34% stake to the Spanish firm for EUR 445 million through a special purpose vehicle deal.
Naturgy revealed it could sell a stake in this vehicle to a financial partner, pointing out that the vehicle will be funded with a EUR 260 million loan.
The deal is projected to close by the end of March 2020 and the stake is expected to pay annual dividends worth over EUR 130 million, Naturgy added.

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