Naturgy sells stake in Chile's CGE

Naturgy sells stake in Chile's CGE

Corporate & Sovereign Strategy M&A Electricity Renewable Andean Chile China Latin America

Spain's Naturgy Energy Group said Friday that it reached an agreement to sell its 96% stake in Chilean electricity grid business Compañía General de Electricidad (CGE) to a unit of State Grid for €2.57 billion ($3.04 billion), another push by the Chinese state-owned electric utility company into South America. The deal is expected to close by the end of February 2021, when State Grid's international unit, State Grid International Development, will make a cash payment, Naturgy said in a press rel

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