Private-equity firm HitecVision AS has agreed to acquire 100% of the shares in Solveig Gas Norway AS, the second largest owner of Norway's offshore gas pipeline system, the company said April 2.
Solveig Gas owns 25.6% in the Gassled joint venture, which owns a majority of offshore pipelines that transport natural gas from the Norwegian Continental Shelf to customers in Europe.
HitecVision said the owners of Solveig Gas—Canada Pension Plan Investment Board, Infinity Investments SA (a wholly-owned subsidiary of the Abu Dhabi Investment Authority) and Allianz Capital Partners—have agreed to sell their stakes to a portfolio company of HitecVision.
The transaction has an effective date of Jan. 1, and is pending government and competition authority approvals.
HitecVision did not give the deal's value.
Norway's state-owned Petoro AS is the largest owner in Gassled with a 46.7% stake.
Recommended Reading
Biden Pledges to Double US Climate Change Aid
The funding would help achieve a global goal set more than a decade ago of $100 billion per year to support climate action in vulnerable countries by 2020.
US Senate OKs Measure to Reverse Methane Rule Rollbacks
The resolution will clear the way for the Biden administration to slash U.S. greenhouse gas emissions.
PHMSA: Pipeline Operators Must Prepare Methane Curbs
Regulator advises pipeline companies that PIPES Act mandates will be enforced, beginning at year-end 2021.