Fenosa Selling Guatemala Distribution Company

Fenosa Selling Guatemala Distribution Company

Funds

Spain’s Gas Natural Fenosa has agreed to sell two electricity distribution and supply companies to Actis for $345m plus assumed debt of about $104m, marking what some are calling the first LBO in Central America by a European acquirer. The acquisition of a 92% stake in Guatemala´s DEORSA and DEOCSA implies a total enterprise value of $471m. Actis, an EM-focused PE fund, is making a $140m equity investment, while taking out a $337m acquisition facility arranged by Bancolombia, with Banco Industri

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