The acquisition of 100% of EDP Gás's equity from EDP Group by REN - Redes Energéticas Nacionais was concluded today. The materialization of this operation is a significant step from REN, which will thus reinforce its commitment to the operation in Portugal.
The investment of €532.4M will be carried out using a financing structure, already approved by REN's Board of Directors, that includes a capital increase of up to €250M and which takes into account the shareholders' pre-emption right.
With this investment, REN will now include in its portfolio a relevant asset with growth potential in the national natural gas distribution market given the demographic and economic characteristics of the concession region. EDP Gás has around 80 workers and centres its activity on the development and operation of the public natural gas distribution network in the coastal region of the north of Portugal (29 municipalities in the districts of Porto, Braga and Viana do Castelo), currently being the second largest natural gas distributor in Portugal, with a 4,460-kilometre network, on which 10 suppliers operate to serve 345,637 end customers.
For the Chairman and Chief Executive Officer of REN, 'Our critical knowledge mass will be reinforced, which has crucial added value in a world going through major technological progress and that, in turn, reinforces REN's and Portugal's capabilities in the energy sector and the company's focus on the country.'
Rodrigo Costa also guaranteed that the company formerly known as Portgás 'will maintain its regional nature and will have the required support to continue fostering the talent and skills existing within the company'.
The acquisition of EDP Gás by REN closely follows the criteria of financial discipline and the strategic plan defined by the company.