Pinsent Masons advises Enagás on Saggas stake acquisition
Pinsent Masons has advised Enagás Transporte on the acquisition from Osaka Gas UK of its 40% interest in Iniciativas de Gas. As a result of the transaction, Enagás becomes the sole shareholder of Iniciativas de Gas, acquiring 100% of its share capital.
Iniciativas de Gas holds a 50% interest in Planta de Regasificación de Sagunto (Saggas), one of Spain’s LNG regasification terminals. The transaction also includes the transfer of Osaka Gas UK’s lender position and credit rights under the subordinated shareholder loan granted to Saggas, increasing Enagás’ economic exposure to the infrastructure.
According to Enagás, the company has agreed to acquire an additional 20% stake in Saggas, bringing its total stake to 92.5%, in “one of the most important energy infrastructures in the Mediterranean region, the Sagunto Gas Plant (Saggas), increasing Enagás’ ownership in the asset to 92.5%”. This operation adds to other achievements such as the H2med project, the Spanish Hydrogen Backbone Network, and the signing of Teréga’s integration, says Enagás.
Legal advisers
The Pinsent Masons team advising Enagás was led by Hermenegildo Altozano, partner, together with Leticia Sitges, legal director, Javier Aguilera, managing senior associate, and Sergio Peñamaría, senior associate.
