• Swedegas owns Sweden's entire high-pressure gas pipeline network and an underground natural gas storage facility
• The transaction offers a clear fit with Enagás and Fluxys’ core business and international growth strategy
• Enagás and Fluxys will each invest around €100 Mn in equity
Enagás and Fluxys have agreed to jointly acquire Swedegas, the company which owns and operates Sweden's entire high-pressure gas pipeline network, from EQT Infrastructure Limited.
Enagás and Fluxys will each invest around €100Mn in terms of equity and in addition third party debt financing will be provided at competitive terms. Both companies are managed as ownership unbundled Transmission System Operators (TSO) as modelled by the European Union.
Swedegas, certified as TSO by the Swedish regulator (EI), has a highly experienced staff and owns around 600 km of high-pressure gas pipelines and an underground Storage facility, Skallen, located nearby Halmstad. It is also developing a bunkering/small scale LNG terminal in Gothenburg (40% Swedegas) categorised as a Project of Common Interest (PCI) by the EU.
All Swedegas' assets are located in Sweden, a country with an AAA rating from Standard & Poor's and a stable regulatory framework, approved for the next four years (2015-2018) in October 2014.
This transaction offers a strategic fit with the core business and the international growth strategy of Enagás and Fluxys. The joint venture between the two companies, which are international benchmarks in the sector, enables a common line of interest to be pursued and synergies between Enagás, Fluxys and Swedegas to be unlocked.