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Enagas Agrees to Increase its Shareholding in Quintero LNG Plant to 60.4%

Source: www.gulfoilandgas.com 6/30/2016, Location: South America

Enagas, via its subsidiary Enagas Transporte, has reached an agreement to acquire the total shareholding (42.5% via its 85% shareholding in Infraestructura de Gas, S.A.) of Union Fenosa Gas in the Sagunto regasification plant (Saggas) for €106Mn. Under this deal, which is subject to the approval of the regulatory authorities and other conditions applicable to such transactions, Enagas Transport will increase its total shareholding in the plant to 72.5%.

The company, via its subsidiary Enagas Chile, has also reached an agreement to acquire the entire shareholding of the company Aprovisionadora Global de Energia (a spinoff of Metrogas and in which Gas Natural Fenosa holds a majority) in GNL Quintero (20%), for $200Mn. The deal comes off the back of the agreement of 9 June for the acquisition of another 20% of GNL Quintero from Endesa Chile. After completion of these two deals of Enagas in GNL Quintero, which are subject to the possible exercise of pre-emptive rights by other shareholders, Enagas Chile would have a total shareholding in the plant of 60.4%.

These acquisitions, which fit into the company's core business and its targets of profitability and debt-level figures, will allow the Saggas and GNL Quintero plants to find synergies in operation and maintenance with the other terminals operated by Enagas.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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