PensionDanmark to Acquire Gas Pipeline from TAQA

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.

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