Enagás entered into an agreement with a fund managed by Deutsche Asset & Wealth Management to acquire 30% of Bahía de Bizkaia Gas (BBG) and 30% of Saggas. These companies are the owners of the Bilbao and Sagunto regasification plants, respectively.
With this transaction, which is subject to the related approvals from regulatory authorities and to the possible exercise of pre-emptive rights by other shareholders, Enagás intends to reinforce its ownership interest in BBG and become a shareholder of Saggas.
Following the acquisition, BBG shareholders would include Enagás, which would increase its shareholding (currently 40%), and Ente Vasco de la Energía.
Saggas' shareholder structure would be formed by two companies, each with a 50% shareholding: Infraestructuras de Gas, which in turn is formed by Unión Fenosa Gas and Oman Oil Company S.A.O.C.; and Iniciativas de Gas, made up of Enagás and Osaka Gas.
This transaction is in line with the criteria laid out in Enagás' Strategic Update for 2013-2015, which prioritises its regulated assets in Spain, as well as with the company's core business and its target profitability and debt-level figures.