Marubeni Corporation (Marubeni) announces that Marubeni, together with an infrastructure fund established by Toesca Administradora General de Fondos (Toesca), have reached an agreement to acquire a 100% stake of GasValpo SpA (GasValpo) to enter into the natural gas distribution business in South America.
GasValpo is the second largest natural gas distribution company in Chile providing natural gas distribution services to approximately 100,000 residential, commercial and industrial customers as of March 2018. GasValpo retains approximately 12% of the market share and mainly services the metropolitan area of Valparaiso Region.
Marubeni has owned and operated natural gas distribution businesses in Australia since 2011 and in Portugal since 2016; this new business endeavor in Chile will be Marubeniís third such venture into the gas distribution business worldwide. This is the first time that Marubeni will be involved as a majority shareholder in the natural gas distribution sector. Marubeni will foster further business development of GasValpo in a cooperative relationship with the current management team and the staff and will explore the growth and expansion of its natural gas distribution portfolio and its business domain in the Americas, Europe and Australia by utilizing the knowledge & expertise acquired from existing business endeavors.
Furthermore, in addition to the copper business, Marubeni has been engaged in the infrastructural development of the water & waste water business and the photovoltaic solar project business in Chile. Now, with the acquisition of GasValpo, Marubeni continues to grow and diversify its portfolio in the Chilean infrastructure sector.