January 27 (SeeNews) - Swiss energy company Axpo said on Friday it has agreed to sell its 5% stake in natural gas transmission infrastructure operator Trans Adriatic Pipeline AG (TAP) to Spain's Enagas and Belgium's Fluxys for 210 million euro ($228.6 million) in total.
Energy company Enagas will acquire a 4% stake in TAP from Axpo, whereas gas transmission system operator Fluxys will buy the remaining 1% stake, Axpo said in a press release.
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Enagas will buy the 4% shareholding interest in TAP for 168 million euro, the Spanish company said in a separate statement.
The transaction is subject to customary conditions and closing is expected in the second half of 2023. Axpo added.
After the transaction, Enagas and Fluxys will each hold a stake of 20% in TAP, same as the ownership of the remaining three shareholders - UK's bp, Azerbaijan’s state company Socar and Italy’s SNAM.
Connecting with Trans Anatolian Pipeline (TANAP) at the Greek border with Turkey, TAP stretches 878 kilometres across northern Greece, Albania and the Adriatic Sea before reaching southern Italy's coast. TAP, which carries natural gas from the Shah Deniz field in the Azerbaijan sector of the Caspian Sea to markets in Europe, is part of the Southern Gas Corridor, which also comprises the South Caucasus Pipeline (SCP) crossing Azerbaijan and Georgia, and TANAP.
Since the start of its commercial operation in November 2020, TAP has transported 18 bcm of natural gas to Europe. TAP's transportation capacity could be increased as a result of the market test process currently underway.
($ = 0.918638 euro)