Global Infrastructure Partners (GIP) and Fluxys G announced that they have entered into a strategic partnership pursuant to which GIP will acquire from Fluxys a 44.9% equity interest in Fluxys Switzerland.
The transaction is expected to close following clearance from the European Commission regulatory authority.
Fluxys Switzerland, through its fully owned subsidiary FluxSwiss, has an equity interest of 46% in Transitgas AG, asset owner of the Transitgas pipelin. As transmission system operator, FluxSwiss also has the right to market 90% (or c. 20 billion cubic meter per year) of the transmission capacity in the pipeline system. Transitgas is an approximately 300 kilometer pipeline that crosses central Switzerland and connects gas markets in Germany and France to Italy.
Adebayo Ogunlesi, Managing Partner of GIP commented: “ We welcome the opportunity to partner with Fluxys to enhance the security of gas supply and interconnect the key trading hubs in Western Europe. FluxSwiss represents a uniquely strategic infrastructure asset in a rapidly evolving European natural gas market that will benefit from the combined financial, operational and energy industry expertise of our partnership .”
Walter Peeraer, Managing Director of Fluxys G further commented: “ We are pleased to welcome GIP as strategic partner in Fluxys Switzerland. GIP with its focus on business integration, improving infrastructure and applying industry best practice will contribute to the development of FluxSwiss and the implementation of our strategy to link the gas trading places in the Northwest and the South of Europe .“
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LNG World News Staff, January 19, 2012