ATP, USS and GT Fund / CNIC complete the acquisition of Redexis Gas

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  • The pension funds Arbejdsmarkedets Tillægspension (ATP) and Universities Superannuation Scheme (USS), along with new financial investors Guoxin Guotong Fund LLP (GT Fund) and CNIC Corporation Limited (CNIC, have completed the acquisition of a 50.1% stake in Redexis Gas, S.A. and Redexis Gas Finance B.V. (together “Redexis Gas” or “the Company”) from Goldman Sachs Infrastructure Partners II, one of a series of infrastructure funds managed by Goldman Sachs (GSIP)
  • ATP and USS have been investors in Redexis Gas since 2010. Following completion of the acquisition, ATP, USS and GT Fund, jointly with CNIC, each own 33.3% of Redexis Gas and GSIP will cease to have any ownership interest in the Company
  • Fernando Bergasa, Executive Chairman of Redexis Gas, commented: “This transaction is a milestone for Redexis Gas that reflects both the successes of the past and the promises of the future. Since GSIP’s acquisition of Redexis Gas from Endesa in 2010, the Company’s EBITDA has grown by over 2.5x while investing in excess of €1.1bn for its gas networks in ten autonomous communities of Spain. Redexis Gas now looks forward to entering a new phase of long-term growth based on a significant investment plan, with the support of the existing shareholders ATP and USS as well as the new shareholders GT Fund and CNIC.”

MADRID - 20 June 2018 - Redexis Gas, a leading company specialising in natural gas distribution and transmission as well as liquefied petroleum gas distribution and supply in Spain, announced today that ATP, USS and GT Fund, jointly with CNIC, have completed the acquisition of 50.1% of Redexis Gas from GSIP.

The transaction has received the authorisation from the Spanish Competition Authority (CNMC). Following completion of the acquisition, the ownership of Redexis Gas is as follows: ATP 33.3%, USS 33.3% and GT Fund and CNIC jointly 33.3%. The investment of GT Fund and CNIC is held through a common vehicle 51%-owned by GT Fund and 49% by CNIC.

The closing of this deal reflects once again ATP and USS’s support for the Company’s long-term growth strategy and significant investment plan. It also underscores the long-term commitment of GT Fund and CNIC to strengthen the growth plan and capitalise on future opportunities offered by Redexis Gas.

ATP and USS are European pension funds with significant long term investments in high quality infrastructure companies. They have both been investors in Redexis Gas along with GSIP since 2010; initially as indirect investors and since 2017 as direct owners of 49.9% in aggregate of Redexis Gas.

GT Fund and CNIC are long-term financial investors whose mandates include investing in high quality infrastructure assets around the world. The acquisition of a 33.3% stake in Redexis Gas represents a significant step for GT Fund in entering the European market. GT Fund and CNIC, with Vantage Infrastructure acting as manager of their stake in Redexis Gas, will work closely with the other shareholders in supporting the growth and development of Redexis Gas.

Citigroup Global Markets Limited and Goldman Sachs International acted as financial advisors to GSIP, Evercore as financial advisor to GT Fund and CNIC.

Article date: 21 June 2018