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Spain's Gas Natural to sell telcos affiliate to Cinven

Reuters - UK Focus

MADRID, June 9 (Reuters) - Spanish utility Gas Natural (AMEX: EGAS - news) said on Monday it had agreed to sell its telecommunications affiliate to private equity firm Cinven for 510 million euros ($694.4 million).

Gas Natural will book capital gains of around 250 million euros, before tax, from the sale of Gas Natural Fenosa Telecomunicaciones (GNFT), the Spanish group said.

($1 = 0.7345 Euros) (Reporting by Paul Day; Editing by Jose Elias Rodriguez)