Enagás has entered an agreement to acquire 30% of Bahía de Bizkaia Gas (BBG) and 30% of Saggas; the owners of the Bilbao and Sagunto regasification plants, respectively.
Enagás intends to reinforce its ownership interest in BBG and become a shareholder of Saggas with this transaction.
Following the acquisition, BBG shareholders would include Enagás, which would increase its shareholding (currently 40%), and Ente Vasco de la Energía.
Saggas' shareholder structure would be formed by two companies, each with a 50% shareholding: Infraestructuras de Gas, which in turn is formed by Unión Fenosa Gas and Oman Oil Company S.A.O.C.; and Iniciativas de Gas, made up of Enagás and Osaka Gas.
The transaction is in line with the criteria laid out in Enagás' Strategic Update for 2013 - 2015, which prioritises its regulated assets in Spain. It is subject to the related approvals from regulatory authorities and to the possible exercise of pre-emptive rights by other shareholders.
Adapted from press release by Callum O'Reilly