AFP, MADRID: Spanish oil and energy giant Repsol said yesterday it has agreed to sell its 20-per cent stake in rival Gas Natural to a company controlled by investment fund CVC for 3.8 billion euros ($4.7 billion).

Repsol said in a statement it had reached agreement with Rioja Bidco Shareholdings, "a company controlled by funds advised by CVC, to sell 200.8 million shares of Gas Natural" or a stake of 20.07 percent.

The sale price amounted to 19 euros per share or a total consideration of 3.8 billion euros, the statement said.

"The consolidated capital gain generated for Repsol through the transfer of this block amounts to approximately 400 million euros."

The transaction was still subject to regulatory approval in Mexico, South Korea, Japan and Germany and within a period of six months, Repsol said.

Shares in both Repsol and Gas Natural were showing gains of 0.4 percent and 0.3 percent respectively on the Madrid stock exchange, while the overall market was down by around 0.2 percent.

Repsol is present in more than 35 countries worldwide and employs a workforce of more than 24,000.

Gas Natural describes itself as Spain's third-biggest supplier of gas and electricity.