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HitecVision Acquires Solveig Gas

Source: www.gulfoilandgas.com 4/3/2019, Location: Europe

HitecVision has, through a portfolio company, signed an agreement to acquire 100 percent of the shares in Solveig Gas, which is a significant owner in Gassled, the Norwegian gas infrastructure which delivers about a quarter of Europe’s gas consumption.

The owners of Solveig Gas Holdco (the owner of 100% of the shares in Solveig Gas Norway), namely CPP Investment Board European Holdings, Infinity Investments and Allianz Infrastructure Norway Holdco, have entered into a sale and purchase agreement regarding the sale of 100% of the shares in Solveig Gas Holdco to a portfolio company of HitecVision, with a commercial effective date of 1 January 2019.

Solveig Gas Norway is a significant owner in Gassled (25.6%), the infrastructure for transporting gas from the Norwegian shelf to the European market. Solveig Gas was established in 2011 and is based in Stavanger.

The closing of the transaction is subject to the approval of the Norwegian Ministry of Petroleum and Energy, the Norwegian Ministry of Finance and the Norwegian Competition Authority.

Gassled
With effect from 1 January 2003, virtually all of Norway's gas transport systems were integrated in a major new joint venture called Gassled. Gassled is a joint venture established on 1 January 2003, it has no employees and is organised through various committees with specific assignments. This partnership serves as the formal owner of the majority of the Norwegian gas transport infrastructure.

The creation of Gassled, with its associated commercial changes, represents one of the most far-reaching changes to Norway’s gas business in recent times.

Gassled's owners: Petoro* 46.697%; Solveig Gas Norway (now held by Hitecvision) 25.553%; CapeOmega 16.322%; Silex Gas Norway 6.428%; Equinor 5.000 %.

* Petoro serves as the licensee for the Norwegian state's direct financial interest (SDFI) in petroleum activities.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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