Companies of Gas Natural Fenosa Moldova sold to international energy group

Chisinau, 12 April /MOLDPRES/ – The energy group Naturgy has signed the sale and purchase agreement for electricity distribution and supply companies in Moldova, Red Union Fenosa and Gas Natural Fenosa Energy Supply, with the international group Duet Private Equity Limited. The transaction is scheduled to be completed by June 2019, with full buyer control.

The public relations service of Gas Natural Fenosa states that "the new owner of two companies is London – based Duet Private Equity Limited, with a wide range of investment in various asset types and a growth strategy in region."

This agreement "fits into the strategy of reorganising the business portfolio of Naturgy and continuously reviewing its non – strategic activities."

The Duet Private Equity Company was established in 2003 and it is part of the London – based Duet Group, founded in 2002 by Henry Gabay and Alain Ludwig Schibl. The info on the sale of the Naturgy business in Moldova appeared in Spanish press in early 2018. The Economist newspaper then wrote that the operation could be valued at over €500 million.

The ownership change process "will not affect the ordinary licenced activity of electricity distribution and supply companies in Moldova, which will follow their course naturally, with maintenance of the directives and technical teams that will ensure continuity of operations of enterprises for provision of a service quality, reliable and secure to its customers according the European requirements and standards."

During over 19 years of activity in Moldova, the Spanish group has invested over $326 million in renovation and modernisation of the electrical networks, implementing a new efficiency – oriented corporate management model through application of best practices and a new European style of conducting business, as well as new technologies and information systems to improve all quality indicators.

The electricity distribution and supply companies RED Union Fenosa and Gas Natural Fenosa Power Supply are currently serving about 900 thousand customers, physical persons and legal entities, distributing electricity in 19 administrative – territorial units, including Chisinau municipality, consisting up to 2/3 of Moldova's territory.