KKR, Allianz, Axa to bid on Red Electrica’s fibre unit, Expansion says

Stock Markets10 minutes ago (Oct 11, 2021 02:41AM ET)

(C) Reuters. FILE PHOTO: Trading information for KKR & Co is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., August 23, 2018. REUTERS/Brendan McDermid

MADRID (Reuters) – KKR, Axa and Allianz (DE:ALVG) will participate in an auction for a 49% stake in the fibre-optic subsidiary of Spanish grid operator Red Electrica, newspaper Expansion reported on Monday, citing unnamed sources.

The subsidiary, known as Reintel, could fetch between 1.2 billion euros and 1.3 billion euros ($1.4 billion-$1.5 billion), Expansion said, citing financial sources.

Red Electrica declined to comment, while KKR, Axa and Allianz did not immediately respond to requests for comment.

Reintel, which is owned by Red Electrica, operates a network of more than 50,000 km (31,068 miles) of fibre-optic cable laid along the electricity grid and rail network.

($1 = 0.8636 euros)

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