Mitsui Adds GN Mexico Gas Stake

Mitsui & Co is set to purchase a 15% stake in Gas Natural Mexico (GNM), it says, spending $93m. The Japanese buyer has agreed to acquire 13.25% from Spain’s Iberdrola for $82m and another 1.75% from other shareholders for $10.8m. The move for the gas distributor expands Mitsui’s footprint in Mexico, where it is engaged in various gas-related activity, notably the Manzanillo LNG import terminal. The deal represents Iberdrola’s exit from GNM, as part of the Spanish company’s broad non-core asset sale plan, which aims to raise EUR2.5bn ($3.25bn) during 2010-2012. The completion of each transaction is subject to regulatory approvals. Gas Natural and a subsidiary control 70.9% of the Mexican unit.