Enel SpA's (ENEL.MI) unit Endesa SA (ELE.MC) said Monday it has agreed to sell 80% of a bundle of natural gas distribution assets for EUR800 million to two infrastructure funds managed by Goldman Sachs Group Inc. (GS).

The assets sold by Madrid-based Endesa include a distribution network covering 3,800 kilometers, a transport network of 600 kilometers and 355,000 access points, the Spanish power utility said.

As part of the agreement, Endesa has an option to buy the stake back five or seven years after the transaction closes.

The transaction will boost Endesa's pretax profit by EUR450 million, and cut debt by about EU800 million, it said.

The asset sale is part of Endesa parent Enel's bid to reduce net debt. It became Europe 's most indebted utility after taking control of the Spanish utility. It had net debt of EUR53.89 billion at June 30 and plans to sell assets worth EUR7 billion this year.

"Together with disposals already under way... this operation enables us to confirm the objective for reducing the group's net financial debt in line with the plan announced to the markets," said Enel Chief Executive Officer Fulvio Conti in a statement Monday.

The Rome-based utility expects to sell a minority stake worth at least EUR3 billion in its renewable energy unit, Enel Green Power SpA, in October as part of its pledge to investors to slash its debt pile.

As part of the latest asset sale, Endesa will pay Gas Natural SDG SA (GAS.MC) a minimum EUR70 million for a 35% stake in Gas Aragon, one of the assets being sold, that it will pass on to the Goldman funds.

At 1255 GMT, Endesa's shares were down EUR0.50, or 2.5% at EUR19.67. Analysts said the sale price was in line with expectations. Portuguese broker BPI said it bodes well for other sales of regulated energy assets at a time when recent regulatory uncertainties had threatened some deals.

"This deal confirms the appetite for infrastructure funds to bet on regulated businesses in Iberia ," BPI said.

Both Gas Natural and Portugal 's Galp Energia SGPS (GALP.LB) are in the process of selling assets.

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