Gas Natural to sell telecom unit to Cinven for $696M

|About: Gas Natural SDG SA ADR (GASNY)|By:, SA News Editor

Gas Natural (GASNY) agrees to sell its telecommunications unit to P-E firm Cinven Group for €510M ($696M), part of an effort by the Spanish power utility to divest non-strategic assets.

The unit provides fiber-optic cable services through a network in Spain and several Latin American countries.

The company says it will book a €250M pretax gain on the sale.