Business · Companies · 1 hr ago
Madrileña Red de Gas shareholders consider selling stakes
Madrileña Red de Gas is Spain’s third-largest gas distributor, operating across 61 municipalities in the Madrid region.
Its two biggest shareholders, Gingko Tree and PGGM, may sell their stakes of 33.75% each.
Goldman Sachs has been hired to assess a possible sale, but no deal has been announced.
The company was formed after Naturgy’s predecessor sold some of its gas networks in Madrid in 2010.
New rules set future regulated payments for 2027 to 2032, making revenues easier for buyers to assess.
MRG is estimated to be worth about €2 billion, and possible sales across the sector could lead to consolidation among Spain’s independent gas distributors.
Some shareholders in Madrileña Red de Gas have hired Goldman Sachs to assess selling their stakes, according to sources cited by Expansión.
The company’s largest shareholders, China’s Gingko Tree and Dutch pension fund PGGM, each own 33.75% and are reportedly willing to sell.
Madrileña Red de Gas is Spain’s third-largest gas distributor, with an estimated valuation of about €2 billion.
The company reported €148 million in revenue and €108 million in EBITDA in 2025.
- Who
- Some shareholders in Madrileña Red de Gas, including Gingko Tree and PGGM, have hired Goldman Sachs.
- What
- They are considering selling their stakes in the company.
- When
- Expansión reported the potential sale on 25 October 2026.
- Where
- Madrileña Red de Gas operates in the Community of Madrid, Spain.
- Why
- Not stated
This story does not have two clearly opposing sides.
Gas Natural’s acquisition of Unión Fenosa led it to sell part of its gas distribution networks in the Community of Madrid, creating an independent company.
The current shareholders entered Madrileña Red de Gas after acquiring it from Morgan Stanley Infrastructure.
Madrileña Red de Gas recorded revenue of €148 million and EBITDA of €108 million.
Expansión reported that some shareholders had hired Goldman Sachs to assess selling their stakes.
- Largest shareholders
- Gingko Tree and PGGM, each with 33.75%
- Other shareholders
- EDF Invest: 20%; LPPI: 12.5%
- Estimated company valuation
- About €2 billion
- 2025 revenue
- €148 million
- 2025 EBITDA
- €108 million
- Network at end of 2025
- About 6,179 kilometres across 61 municipalities in the Community of Madrid