Enagás and the Belgian company Fluxys have reached an agreement to sell jointly and in equal parts to FS Gas Transport AB, an indirectly wholly owned subsidiary of First State Investments managed European Diversified Infrastructure Fund II (First State), their total stake in the Swedish company Swedegas for an amount of 1,024 million Swedish Krona (SEK) each, around 96 million euros at the current exchange rate. The transaction is subject to compliance with the conditions precedent for this type of deals.

Enagás and Fluxys have accepted the purchase offer submitted by First State, owner of part of the Swedish gas distribution network. The sale of Swedegas would represent a return exceeding 10% for Enagás in terms of IRR after tax. This return is not subject to the evolution of the exchange rate, since Enagás financed 100% of the investment in local currency.

The transaction fits within the strategy announced by Enagás, which considers the possibility of rotation of some assets outside Spain, in order to undertake potential new investments.

Swedegas owns Sweden’s entire high-pressure gas pipeline network and is operator of the Swedish Gas System. It was acquired by Enagás and Fluxys in March 2015, each with a 50% share in the company.

About Enagás

Enagás is the leading company with the largest number of LNG terminals and regasification capacity in Europe. With almost 50 years’ experience and presence in Spain, Mexico, Chile, Peru and Sweden, Enagás is also one of the shareholders of the Trans Adriatic Pipeline (TAP) project. The company is certified as a Transmission System Operator (TSO) by the European Union and is an international benchmark in the development and operation of gas networks. It owns more than 12,000 km of gas pipelines, four strategic storages and eight regasification plants. In Spain, Enagás is the Technical Manager of the Gas System and has developed the country's key gas infrastructures, making it a model within Europe.
Listed on the IBEX 35 Spanish stock market, Enagás is present in the main sustainability indexes such as the Dow Jones Sustainability Index (DJSI), for ten years in a row. The company is the world leader of its sector, according to the latest DJSI revision.
Enagás is also committed to the fight against climate change and the decabornisation process, as its infrastructure is ready to transport non-electric renewable energy, such as biomethane and hydrogen. The company also supports energy efficiency and sustainable mobility initiatives.

About Fluxys

Fluxys is a Belgium-based, fully independent gas infrastructure group. The company is a major gas transit operator and its offering combines gas transmission, gas storage and terminalling of liquefied natural gas (LNG). Present across Europe, the company focuses on safe, efficient and sustainable operations, quality services in line with market expectations and creating long-term value for its shareholders.
Besides its pipeline, storage and LNG terminalling assets in Belgium (owned and operated by NYSE Euronext listed Fluxys Belgium), Fluxys’ partnerships include ownership in an LNG bunkering ship, the Interconnector and BBL pipelines linking the UK with mainland Europe, the Dunkirk LNG terminal in France, the NEL and TENP pipelines and the EUGAL pipeline project in Germany, the Transitgas pipeline in Switzerland, the Swedegas infrastructure in Sweden and the TAP pipeline from Turkey to Italy under construction to bring gas coming from Azerbaijan and potentially other sources to Europe.

About Swedegas

Swedegas owns and runs the Swedish gas transmission network in Western Sweden. We help companies and other concerns that wish to connect to the gas network with everything from preliminary examination of the conditions to actually constructing the facility. We ensure that gas transmission takes place effectively and efficiently and, if required, that the customer has access to storage.