Endesa receives three Spanish gas grid bids - sources

MADRID/AMSTERDAM, Sept 14 (Reuters) - Three infrastructure funds have submitted binding offers for the Spanish gas distribution and transmission network of Endesa SA (ELE.MC), several people familiar with the matter said on Tuesday.

Funds sponsored by Macquarie (MQG.AX), Goldman Sachs (GS.N) and AXA Private Equity submitted their bids on Monday for the network, which could be valued at up to 760 million euros and in which Endesa is offering an 80 percent stake, the sources said.

The sources have said the network business has some 397,000 connection points and made 2009 earnings before interest, tax, depreciation and amortisation of 58.4 million euros. Endesa is asking for a five-year call option, one of the sources said.

An Endesa spokesman could not immediately respond to a request for comment. Enel, Macquarie, Goldman Sachs and AXA Private Equity declined to comment.

Driven by the debt-cutting drive of highly geared Enel SpA (ENEI.MI), Endesa has been selling assets in order to help the Italian power group, which owns 92 percent of Endesa, cut its net debt to 45 billion euros by the end of 2010 from 51 billion euros at the end of 2009. (Reporting by Jonathan Gleave and Greg Roumeliotis; Additional reporting by Stephen Jewkes in Milan; Editing by Greg Mahlich)