Thyssengas Sold to Dutch-EDF JV

Dutch fund DIF and a fund owned by EDF have agreed jointly to acquire northwest German gas grid Thyssengas from Australia's Macquarie.

Thyssengas owns 4,200 km of gas transportation pipelines serving industrial and municipal clients in North-Rhine-Westphalia. The company has a long history in the region, employs over 250 people, and is regulated by Germany's networks agency Bundesnetzagentur.

Thyssengas's pipeline system. Red pipes are for high-calorific gas, green ones are for low-cal gas, GMA stands for gas blending facilities, UGA for underground storage, FEA for lng storage, and 'Einspeisepunkte' are gas entry points  (Map credit: Thyssengas)

The deal was announced June 15 but no price was disclosed. Reuters, citing sources close to the deal, however said it would be around €700mn.

DIF says it manages funds worth €3.3bn invested in infrastructure in Europe, North America and Australia that generates long-term, stable cashflows.

Created in July 2013, EDF Invest is the unlisted investment arm of EDF’s Dedicated Assets, the asset portfolio which covers its long-term nuclear decommissioning commitments in France. EDF Invest targets infrastructure, real estate and private equity assets; its infrastructure portfolio includes a 50% stake in French power grid operator RTE, a 20% stake in southwestern France gas grid TIGF (which has 5,000 km of pipelines, carries 13% of France's gas, and owns storage facilities) and a minority interest in the Spanish capital's main gas distributor Madrilena Red de Gas.

Thyssengas was among a number of European gas grids recently offered up for sale including UK National Grid's regional distribution businesses, and analogous assets owned by Galp in Portugal and by Snam in Italy. Macquarie bought Thyssengas five years ago from Germany's RWE.

Mark Smedley | www.naturalgaseurope.com