Fluxys and Snam and Fluxys – a Belgian group active in gas infrastructure – acquired the 33,5% stake held by Caisse de dépôt et placement du Québec (CDPQ) in UK interconnectors, the company that owns the bi-directional pipeline linking the UK to Belgium and the rest of Europe. The transaction, whose total value is around ai 75 million pounds, will be completed in the next few days.
Through the joint ventures Gasbridge 1 BV and Gasbridge 2 BV, the two groups have decided to proportionally exercise their right of first refusal on the stake held by CDPQ. The transaction will allow CDPQ to transfer the management of its stake in Interconnector UK within the 20% stake directly held in Fluxys.
Following the finalization of the share transfer, Fluxys and Snam will become the sole shareholders of Interconnector UK, increasing respectively to 76,32% and 23,68% of the capital, confirming their full support for the company in a new phase of development.
Interconnector UK is preparing for a new market phase characterized by short-term contracts and commercial flexibility, as the current long-term contracts will expire in October 2018.
