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PensionDanmark to Acquire Gas Pipeline from TAQA

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PensionDanmark A/S is set to acquire a 40% stake in Noordgastransport B.V. (NGT), an entity that owns an offshore pipeline network moving natural gas from North Sea fields for treatment in the Netherlands. State-owned Abu Dhabi National Energy Company PJSC (TAQA) is selling the stake for US$ 240 million. PensionDanmark is keen on building out their internal infrastructure portfolio buying natural gas assets alongside wind farms and biomass facilities.

TAQA acquired the 40% stake in NGT-pipelines, which was packaged with DSM Energie Holding B.V. for US$ 404 million, back in September 2009 from Royal DSM N.V., a global life sciences and materials sciences company.

According to the press release, David Cook, TAQA’s Executive Officer and Head of Oil & Gas, said: “We decided that the investment in the Noordgastransport pipeline no longer fitted with our growth strategy in the Netherlands, which is focused on maximising the value of our portfolio and delivering Gas Storage Bergermeer.”

The transaction is based on EU approval.

Ancala Partners were advisors for PensionDanmark on the deal. Scotiabank acted as sole financial advisor to TAQA.

Altitude Infrastructure Gets Financing on Haute-Garonne Network Project

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Altitude Infrastructure SAS inked a 25-year concession agreement and closed a debt financing package for the deployment and maintenance of an ultra-high-speed broadband network in Haute-Garonne. Haute-Garonne is a department in the south of France.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Guggenheim Partners Agrees to Acquire Millstein & Co.

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On July 11, 2018, Guggenheim Partners inked a deal to acquire New York-based Millstein & Co., L.P., an advisory firm formed by Jim Millstein. Millstein will become co-Chairman of Guggenheim’s securities business. Millstein & Co. will become part of Guggenheim Securities, the investment banking division of the company. Ronen Bojmel will lead the combined Guggenheim restructuring team.

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GIC Holds Steady, Maintains Cautious Investment Stance

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Singapore’s GIC Private Limited returned a 5-year return of 6.6% ended March 31, 2018. At March 2018, GIC had increased cash and nominal bonds up 2% to 37% of the total portfolio, while lowering exposure to developed market equities from 27% to 23%.

GIC CEO Lim Chow Kiat commented in his annual letter in the FY 2017-2018 report that, “In view of the high asset valuations, the increased risk of monetary policy tightening across different jurisdictions and the elevated uncertainty, we maintain a cautious investment stance. Nevertheless, we remain ready to take advantage of potential dislocations. The jump in market volatility experienced in early 2018 offered an indication of potentially bigger market turbulence and opportunities in the future.”

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