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

  • 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.
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