Ontario Teachers’ Pension Buys Majority Interest in Società Gasdotti Italia

Posted on 01/05/2021


On December 24, 2020, Macquarie Infrastructure and Real Assets, via Macquarie European Infrastructure Fund 4, reached an agreement to sell its 69.4% interest in Società Gasdotti Italia S.p.A to Ontario Teachers’ Pension Plan Board.

Società Gasdotti Italia is the largest independent gas transmission operator in Italy, with a 1,700-kilomeer high pressure pipeline network transporting natural gas to key industrial and urban centres. Macquarie Infrastructure and Real Assets acquired Società Gasdotti Italia in a consortium with Swiss Life and has since supported the growth of the company through the construction of the San Marco-Recanati and Larino-Chieti pipelines as well as the development of a gas transmission network in Sardinia with SNAM.

In October 2020, Società Gasdotti Italia commissioned leading energy consultancy DNV GL to assess the feasibility of transitioning its gas network from natural gas to renewable gases. The study will support SGI’s ambitions to decarbonise the delivery of energy to Italian homes and businesses through its gas network.

Completion of the transaction is subject to customary closing conditions and regulatory approvals.

Law firm Shearman & Sterling advised Macquarie European Infrastructure Fund 4 on part of the transaction. Freshfields Bruckhaus Deringer LLP has advised Ontario Teachers’ Pension Plan Board on the deal.

In June 2016, EISER Infrastructure Partners agreed to sell Società Gasdotti Italia to to an Italian vehicle of Macquarie European Infrastructure Fund 4 and Swiss Life Asset Managers in a deal worth around 550 million to 600 million euros.

Keywords: Ontario Teachers Pension Plan Board.

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