• The transaction, agreed last September, has been closed within the expected term after obtaining the approval of the Swedish competition authority
Enagás and the Belgian company Fluxys have closed the sale of their total stake in the Swedish TSO Swedegas to FS Gas Transport AB (an indirectly, wholly owned subsidiary of First State Investments managed European Diversified Infrastructure Fund II -First State-), for an amount of 1,033 million Swedish Krona (SEK) each, around 100 million euros at the current exchange rate. The transaction, agreed last September, has been closed within the expected term after obtaining the approval of the Swedish competition authority.
The sale of Swedegas to First State, owner of part of the Swedish gas distribution network, represents for Enagás a return exceeding 10% in terms of IRR after tax.
The transaction is in line with the strategy announced by Enagás, which considers the possibility of rotation of some assets outside Spain, in order to undertake potential new investments.
Swedegas is the operator of the Swedish Gas System and owns Sweden’s entire high-pressure gas pipeline network. Since 2015 its shareholders had been Enagás and Fluxys, with a 50% share each.