MM Capital Infrastructure Fund 1 agreed to acquire Marguerite Fund's 29.06% stake in Latvian natural gas transmission and storage operator Conexus Baltic Grid.
The buyer was selected after a competitive sales process, according to a Dec. 5 press release. The MML Capital Partners-managed fund will acquire the interest from Marguerite subsidiary Marguerite Gas I SARL.
Conexus Baltic Grid was created when AS Latvijas Gāze split in 2016 into two independent structural entities. Conexus Baltic took over transmission, distribution, storage and supply of natural gas in Latvia.
MM Capital Partners was created by Marubeni Corp., Mizuho Financial Group Inc. and Asset Management One Co. Ltd. in 2018.
Macquarie Capital acted as financial adviser to Marguerite on the transaction, while Ernst and Young was financial adviser to MM Capital Partners.