Infrastructure funds eye Endesa grid sale-sources

AMSTERDAM/MADRID, July 2 (Reuters) - Four infrastructure funds are in the running to buy Endesa SA's (ELE.MC) Spanish gas distribution and transmission network, although the sale has been delayed due to the tightening credit conditions, sources said on Friday.

The chief executive of Italy's Enel (ENEI.MI), which owns 92 percent of Endesa, said on Thursday there were four candidates to buy the gas grid, without disclosing their names, and that a decision would be taken by September. [ID:nWEA8252]

Several sources close to the process said on Friday these candidates are infrastructure funds from Macquarie (MQG.AX), Goldman Sachs (GS.N), AXA (AXAF.PA) Private Equity and BNP Paribas (BNPP.PA)-sponsored Antin Infrastructure Partners.

Spain's financial downturn has led to a tightening of bank lending, hampering the ability of potential buyers to attract financing, the same sources said. As a result, Endesa has pushed back the deadline for binding offers to Sept. 13, they added.

Endesa and Enel declined to comment. Macquarie and Antin also declined to comment, while spokespeople for Goldman Sachs and AXA Private Equity did not immediately respond to a request for comment.

Endesa's Spanish gas assets have some 397,000 connection points and made 2009 earnings before interest, tax, depreciation and amortisation (EBITDA) of 58.4 million euros, people familiar with the matter have previously told Reuters. [nLDE64Q27U]

Industry sources have suggested Endesa could get between 10 to 13 times EBITDA for the assets, implying a valuation of between 584 and 760 million euros, but people close to the deal said on Friday the financial crisis could hit this valuation.

Any buyer would also have to spend up to 500 million euros to fund Endesa's extensive capital expenditure programme over the next five years, the same sources said. (Reporting by Greg Roumeliotis; Additional reporting by Clara Vilar and Stephen Jewkes; editing by Simon Jessop)