Fluxys, Enagas close Swedegas sale

For illustration purposes only (Image courtesy of Swedegas)

Belgian and Spanish natural gas infrastructure companies Fluxys and Enagás have closed the previously announced sale of Swedegas, owner and operator of the high-pressure gas grid in Sweden.

The buyer of Swedegas, FS Gas Transport is an indirectly wholly owned subsidiary of First State Investments managed European Diversified Infrastructure Fund II.

First State, that also owns the largest Swedish gas distribution network, previously approached Fluxys and Enagás with an offer to buy Swedegas.

Both companies, each owning a 50% stake in Swedegas, agreed to this proposal in September and the transaction was closed Wednesday upon approval by the Swedish Competition Authority.

Fluxys and Enagás closed the sale for an amount of 1,03 billion Swedish Krona each, or around 100 million euros at the current exchange rate.

Over the past three years Swedegas has developed Sweden into a major growth market for small-scale liquefied natural gas (LNG) in both shipping and industry.

The company also is a frontrunner in the transmission of low-carbon gas and has completed preparations for a joint balancing zone with Denmark.

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