Major Spanish exit

CVC Capital Partners has sold its 75% stake in Infraestructuras de Alta Tension (Inalta), Spain’s electricity grid, for €739m. The stake has been acquired by Red Electrica de Espana. CVC bought into Inalta in 2002, after it had outbid Red Electrica, which was left with a 25% stake.

Red Electrica invested with CVC at the time of the original buyout and was under contract to acquire the firm’s stake within seven years.

The scale of the exit is a further sign of the growing maturity of the Spanish market. The country has had a busy few months. BC Partners and Cinven bought airline reservation company Amadeus for €4bn in one of Europe’s largest buyouts. Advent International is also one of the bidders in the auction for Aldeasa, the duty-free chain operator.

CVC’s exit from Inalta is dwarfed only by the €960m IPO of Superdiplo in 1998. On that occasion, Charterhouse and Vista Capital exited the Spanish supermarket business.

Red Electrica plans to invest €1.9bn over the next five years to develop its network.