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Apollo to EQT Said to Mull Bids for Gas Natural Telecom Unit

Apollo Global Management LLC, EQT Partners AB and Blackstone Group LP are among the buyout firms considering offers for the telecommunications infrastructure unit of Spain’s largest natural gas supplier Gas Natural SDG SA, according to people familiar with the matter.

Private-equity firms Carlyle Group LP, Cinven Ltd., and Bridgepoint as well as Red Electrica Corp. SA, Spain’s electricity-network operator, are also weighing bids, the people said, asking not to be identified because the process is private. Gas Natural, which is seeking 500 million euros ($690 million) to 600 million euros from the sale, expects to receive non-binding offers by tomorrow, the people said.

Gas Natural, based in Barcelona, is seeking to raise cash as Spanish energy regulations hurt earnings growth. The company reported net income last year of 1.45 billion euros, little changed from the previous 12 months.

Representatives at Gas Natural, EQT, Blackstone, Carlyle, Apollo and Cinven declined to comment. Red Electrica couldn’t immediately comment.

Gas Natural shares fell 0.7 percent to 20.22 euros at 9:45 a.m. in Madrid, valuing the company at 20.2 billion euros.

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