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Report: Kuwait wealth fund set to sell stake in North Sea midstream business

The sovereign wealth fund of Kuwait is set to divest 40% of its stake in the North Sea Midstream Partners Ltd. business, which it acquired from ArcLight Capital Partners LLC in July, to JPMorgan Asset Management Ltd., the Financial Times reported.

Wren House Infrastructure Management Ltd., the U.K.-based infrastructure unit of Kuwait Investment Authority, is looking to sell a minority stake in the midstream business, believing that the number of recent gas discoveries in the North Sea bumps up its total value, according to the report. The wealth fund paid £1.3 billion for the North Sea Midstream partners business, which includes major pipelines, the St. Fergus Gas Terminal in Scotland and the Teesside gas processing plant.

The report said JPMorgan Asset Management and the wealth fund are close to agreeing on a deal, which would net Wren House about £1.5 billion, according to people familiar with the matter. The deal is expected to be completed within the next few days.

North Sea Midstream Partners is the largest independent midstream infrastructure business in the North Sea. It processes about 25% of the U.K.'s natural gas and owns positions in four large-scale natural gas transportation and processing assets.