Open Grid Europe’s Owners Consider Stake Sales
(Bloomberg) -- The main owners of Open Grid Europe are weighing a sale of a significant stake in the German gas operator, people familiar with the matter said, following a failed partial sale last year.
British Columbia Investment Management Corp., the Abu Dhabi Investment Authority and Meag Munich Ergo Asset Management are working on divesting a stake, the people said, asking not to be identified as the information is private.
BCI owns 32.2% of Open Grid Europe, while ADIA holds roughly 25%, according to its website. Meag, by owned German reinsurer Munich Re, has an 18.7% stake, with the remainder being held by Belgium gas operator Fluxys.
Deliberations are ongoing and there’s no guarantee a deal will happen, the people said. Representatives for ADIA, BCI, Meag and Open Grid Europe declined to comment.
Open Grid Europe operates the largest gas grid in Germany, with its network spanning around 12,000 kilometers. The firm plans to repurpose a large part of the existing infrastructure for hydrogen.
ADIA last year agreed to sell its stake to Italy’s Snam SpA. But the deal was terminated in November after the necessary approval wasn’t obtained as the German authorities raised security concerns linked to partial Chinese ownership. The equity value of the deal was €920 million ($1.1 billion).
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