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Snam and Fluxys to become sole shareholders in the Interconnector UK gas pipeline

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World Pipelines,

Gas infrastructure companies Fluxys and Snam, through a transaction among shareholders which will be completed in the next few days, will acquire the 33.5% stake owned by Caisse de dépôt et placement du Québec (CDPQ) in Interconnector UK, the bi-directional pipeline linking the United Kingdom into Belgium and continental Europe.

Through the jointly owned companies Gasbridge 1 BV and Gasbridge 2 BV, Fluxys and Snam have decided to exercise their proportional pre-emption right on the CDPQ stake. The transaction enables CDPQ to converge the management of its stake in Interconnector UK into its 20% partnership in Fluxys. The transaction value amounts to approximately £75 million.

Once the share transfer is completed, Fluxys and Snam, with a 76.32% and a 23.68% stake respectively, will be the sole ultimate shareholders in Interconnector UK, confirming their full support to moving the company into the next stage of its development.

As the initial long-term capacity contracts for the Interconnector pipeline are set to expire in October 2018, the company is preparing for a new market environment in which short-term contracting and commercial flexibility take center stage.

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