March 11, 2019 / 10:34 PM / 7 months ago

Spain’s Enagas to partner with Blackstone, GIC for stake in TGE

FILE PHOTO: The logo of Enagas can be seen on two bags during an event in Madrid, Spain, May 19, 2016. REUTERS/Andrea Comas

(Reuters) - Spain’s Enagas will pay, as part of a consortium deal, $590 million for a 10.93 percent indirect ownership interest in U.S. energy infrastructure company Tallgrass Energy (TGE), the company said in a statement on Monday.

Enagas will partner with affiliates of U.S. investment firm Blackstone and Singapore’s sovereign wealth fund GIC on the deal for a stake in Tallgrass Energy, a U.S. energy infrastructure company which owns several interstate pipelines.

Blackstone will retain a majority, GIC will retain a minority stake and Enagas will own almost 25 percent of the holding company at closing, the Spanish energy company said in the statement.

Enagas has also agreed, following the closing, to acquire an additional 3.5 percent of the holding company for approximately $83 million, subject to the completion of conditions, the company said.

Reporting by Sam Edwards; editing by Diane Craft

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