Open Grid Europe owns and operates a 12,000km long gas pipeline network that transports natural gas across Germany and to neighbouring European nations as well
Macquarie Asset Management to sell its stake of around 24% in Open Grid Europe to Fluxys. (Credit: outgunned21/Freeimages)
Belgium-based Fluxys has signed a deal to acquire Macquarie Asset Management’s entire stake of around 24% in Open Grid Europe (OGE), a transmission system operator (TSO) in Germany, for an undisclosed price.
Open Grid Europe owns and operates a 12,000km long gas pipeline network that transports natural gas across Germany as well as to neighbouring European nations.
Macquarie Asset Management’s stake in the German TSO is made up of the 23.6% stake held by Macquarie European Infrastructure Fund 4 and a 0.5% stake owned by Halifax Regional Municipality Master Trust.
Macquarie Asset Management managing director Hilko Schomerus said: “Since our investment in 2012, OGE has progressed major upgrades across its network to prepare its infrastructure for the future.
“With a network spanning the length and breadth of the country, OGE plays a central role in Germany’s energy system today and is paving the way forward for a hydrogen economy.”
Fluxys said that the transactions perfectly fits with its strategy to be the essential infrastructure partner for expediting the energy transition.
The company claimed that it is an essential partner for securing the German markets via the East-West corridor in Belgium, which is being strengthened and in a next stage could switch to facilitate the flow of hydrogen.
Furthermore, the infrastructure and decarbonisation projects of Fluxys and Open Grid Europe are said to be highly complementary. The deal is expected to result into an excellent cooperation between the two firms and opens up the prospect for Germany to develop additional hydrogen import and CO2 export routes via Belgium, said Fluxys.
Fluxys CEO Pascal De Buck said: “We are excited to join forces with the co-shareholders and support OGE’s forward-looking approach to make the energy transition happen.
“Fostering an even more robust cooperation between our subsidiaries and OGE paves the way to further strengthen security of supply and accelerate the development of cross-border hydrogen and CO2 infrastructure and scale-up decarbonisation options for society.”
The deal, which is subject to regulatory approvals and other customary closing conditions, is expected to close by the end of March 2023.
Separately, Fluxys announced that the company alongside Enagás will jointly acquire Axpo’s 5% stake in the Trans Adriatic gas pipeline in Europe.