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Last updated on April 17, 2014 at 17:30 EDT

Gas Natural Signs Agreement With UBS for Future Acquisition of Union Fenosa Shares

August 15, 2008

Gas Natural has signed an agreement with Swiss financial services company UBS for the future acquisition of 47.07 million Union Fenosa shares, corresponding to 5.15% of the voting rights.

The operation, which is structured via an equity swap, will allow the Spanish gas company to finalize it either through a cash settlement or through the delivery of shares in a physical settlement, this latter option being subject to obtaining the necessary authorizations.

The agreement establishes a price of E18.33 per share, to which a discount will be applied depending on the completion date of the public tender offer for Union Fenosa’s shares. The initial payment will be made at E17.57 per share.

This agreement has been reached after Gas Natural announced its acquisition of Spanish infrastructure company ACS’s 45.3% holding in Union Fenosa, having signed agreements with banking institutions to finance the acquisition and the subsequent public tender offer for the electricity company.

The acquisition of Union Fenosa is expected to result in significant progress in the development of Gas Natural and its strategy to become a leading integrated gas and electricity company.