Whitehelm Capital has agreed to sell its GasValpo gas distribution business to Japanese conglomerate Marubeni and Chilean fund Toesca Infraestructura Fondo de Inversión, Inframation understands.
Two sources said the deal would close in the coming months for a price of just over USD 200m.
Bank of America Merrill Lynch (BAML) is advising the Australian asset manager, which officially put the asset up for sale in 1Q17.
Spokespeople for Whitehelm and Toesca declined to comment.
Whitehelm, when it was known as Access Capital Advisors, paid USD 90m to acquire the business from fellow Australians AGL Energy Ltd in 2008.
Founded in 1853, GasValpo is a retail distributor of natural gas that supplies more than 90,000 residential, commercial and industrial customers through a 1,500km network in the Valparaíso region.
It is the second largest distribution company in terms of revenue and network length and the country’s oldest.
Its clients include Fundiciones Ventanas, Caletones of Codelco, Industrias PF and Chagres of Anglo American, as well as other major public and private industrial companies.
According to an 8 March relevant fact posted on the Chilean Stock Exchange (CMF), Toesca and Marubeni are also in negotiations with Chilean water company Aguas Chañar regarding a 100% takeover.
Local press reports have valued the transaction at around USD 27m for the 13-year old Atacama water utility.
Icafal, Hidrosán y Vecta Inversiones are the current equity holders in Aguas Chañar.