Three potential buyers have submitted binding bids for Endesa SA's (ELE.MC) Spanish gas distribution and transmission network, valuing the network at between EUR750 million to EUR800 million, people familiar with the situation said Wednesday.

A preferred buyer will be chosen from these bidders in due course, these people said.

The three bidders comprise infrastructure funds Axa Private Equity (CS.FR), Goldman Sachs (GS) and Macquarie (MQG.AU), the people said.

The bids include details of the financing agreed with banks to back their offers and details of the capital expenditure the parties are planning to invest in the business, one of the people said.

"The winning bid is likely to depend on the size of the equity cheque," a second person said. The debt portion of the bids is likely to range from 60% to 70% of value with the equity portion ranging from 30% to 40%, this person said.

Endesa, owned by Italy 's Enel SpA (ENEL.MI), declined to comment.

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