March 2, 2018 / 11:31 AM / 2 years ago

Snam and Fluxys to become sole shareholders in Interconnector UK pipeline

FILE PHOTO - Italian natural gas infrastructure company SNAM logo is seen in the headquater in San Donato Milanese, near Milan, Italy, April 27, 2016. REUTERS/ Stefano Rellandini

MILAN (Reuters) - Italy’s Snam (SRG.MI) and Belgium’s Fluxys (FLUX.BR) said on Friday they would become the only shareholders in the Interconnector UK pipeline.

The two gas infrastructure groups in the next few days will acquire the 33.5 percent stake that is currently owned by Canadian pension fund Caisse de depot et placement du Quebec (CDPQ), the two companies said in statement.

The transaction is worth some 75 million pounds and, at the end of the operation, Fluxys will hold just over 76 percent in Interconnector UK while Snam a 23.7 stake.

The Interconnector is a two-direction pipeline, which transports gas between Britain and continental Europe.

Reporting by Giulia Segreti

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