IFM to buy 23% stakes in Naturgy

Australian fund IFM Global Infrastructure (IFM) said that it accepts the conditions that Spanish government has imposed on its offer to acquire up to 23% stake, for 4.9 billion euros ( US $5.82 billion), in Spanish power and gas utility Naturgy Energy.

Earlier this week, the Spanish government approved IFM’s  partial takeover bid for Naturgy with conditions to protect jobs, investment and the supply of gas and electricity.

Other conditions included that IFM must maintain Naturgy's investment plans and not exceed previously announced debt targets for at least five years. Moreover, the Spanish government said that IFM must also not sell off any assets beyond those already agreed by the board.