Gemini Project: Naturgy separates his businesses and is divided into two listed companies

Naturgy has sent a relevant fact to the National Securities Market Commission in which it communicates its plans to divide the company into two companies, each

Gemini Project: Naturgy separates his businesses and is divided into two listed companies

Naturgy has sent a relevant fact to the National Securities Market Commission in which it communicates its plans to divide the company into two companies, each focused on one of its current activities. In what is known internally as Gemini project, the energy means that on the one hand there is a company dedicated to the transport and distribution of gas and electricity networks and, on the other hand, a firm for all activities framed in the field of generation and Energy marketing

If the movement is approved - it must now go through the Shareholders' Board, although Naturgy expects to execute Gemini during 2022 - Two quoted companies will be created with the same shareholding composition. That is, each benefit of Naturgy will receive proportional actions of the new company, so, on paper, it will be under the same control. At the moment there is no name for the future signature.

The idea of the company is that in this way each of the resulting companies can focus their efforts and specialize in their activity. They consider that this can serve to avoid the problems of a large conglomerate. Since the firm, ensure that the change will not affect the workers of the company. "The organizational structure will be done without any type of trauma," said the President of the Energy, Francisco Reynés, who also pointed out that "almost all the staff works in one of the two businesses."

The Gemini project is a proposal of the Directorate Committee that unanimously approved by promoting the Council "to enhance Naturgy's role in the energy transition and thus accelerate its strategic plan," as collected in the document sent to the CNMV.

The company also highlights that "two major energy groups" will be discussed and that will have "clearly differentiated business profiles. Both groups, point, will have the same shareholding structure that today," that by capitalization each of them would be among the first Twenty ibex companies ".

One of the groups will manage in an integrated way the businesses that include "the development of renewable energies, the portfolio of energy and associated services, the conventional generation park that ensures energy supply, and the management of energy wholesale markets ", Break Naturgy.

Its objective will be to have 25 GW of electrical generation capacity installed in 2025, with a distribution of 14 GW in renewable and 11 GW conventional. In addition, it will have 11 million customers and "a diversified portfolio of approximately 290 TWh of gas supply", always according to the company.

Meanwhile, the second group will agglutinate "all businesses dedicated to the management of regulated infrastructures of distribution and energy transport". Among its assets, Naturgy highlights its presence in six countries and its more than 155,000 kilometers of electricity networks, 135,000 kilometers of gas networks and 16 million connection points.

The value that each of the companies resulting from this Gemini project is still unknown, since Naturgy will have to separate its capital, debt and its structure.

The firm has also communicated to the CNMV a series of changes in the composition of its Government Organs and the holding of its Ordinary General Meeting, which will take place on March 15.

The changes come after the resignation of two independent counselors. The number of members is maintained in 12, including the Executive President, who will be distributed in three for Criteria (the main shareholder of Naturgy, with 27%, which until now had two), one of IFM, two both for CVC and For GIP (they have 21%) and three independents (before they had five).

The movement arrives with the Australian IFM fund already inside Naturgy. According to Reynés, "IFM has not had anything to do in this story," although it was agreed with the division.

Date Of Update: 10 February 2022, 20:50

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