Financial Services Industry
Industry: Email Alert RSS FeedCVC confident despite threat to Spanish deal.
Financial News, October, 2002
Byline: Michael Hoare
CVC Capital Partners is confident of getting approval for its [euro]1.4bn ($1.4bn) acquisition of the high-voltage electricity network of Iberdrola, the Spanish power provider, despite reports that the government has been advised to block it.The Comision Nacional de la Energia (CNE) has reportedly recommended that the Spanish finance ministry block the deal. CVC declined to comment on the report in Spanish paper Expansion, but sources at the private equity firm said: "We are confident the government will end up approving it."
The report apparently recommends against separating ownership and management of the network. CVC's deal with Iberdrola would see the investment firm take over ownership of the grid but the utility would...
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