Spanish and Belgian natural gas infrastructure companies, Enagás SA and Fluxys NV, have agreed to sell their stakes at Swedegas AB to FS Gas Transport AB, a subsidiary of First State Investments managed European Diversified Infrastructure Fund II, for €192 million.
Swedegas, owner of Sweden's entire high-pressure gas pipeline network and operator of the Swedish gas system, was acquired by Enagas and Fluxys in March 2015 with each owning 50% of the company. Enagas and Fluxys will be paid €96 million as part of the deal.
Enagas said in a Sept. 3 release that the deal is in line with its strategy in which the company considers the possibility of rotation of some of its assets outside Spain in order to undertake potential new investments.
FS Gas Transport is an indirectly wholly owned subsidiary of the European Diversified Infrastructure Fund II, managed by First State Investments International Ltd. In June, First State Investments said it had raised €2.1 billion for the fund.
The transaction is subject to approval from the Swedish Competition Authority.