Under the terms of the deal, Marubeni will gain a 22.5% stake in Galp Gas Natural Distribuicao and the pair will share control of the joint venture, Galp said.
Galp will raise €700 million ahead of the transaction to pay off €568 million in loans for the unit.
"This partnership is consistent with Galp’s portfolio management strategy and reflects the specific nature of the regulated infrastructure business and the historically low interest rate environment, allowing Galp to crystallise value and to enhance its growth strategic options," Galp said when announcing the transaction.
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