Enagas cancels acquisition of 20% stake in BBL pipeline

Fluxys Belgium SA

16/02/2023 07:32

Feb 16 (Reuters) - Spanish grid operator Enagas
 ENAG.MC  has canceled the acquisition of a 20% stake in the BBL
gas pipeline from German power utility Uniper  UN01.DE , it told
market regulator CNMV.
    "The company informs that the closing of the transaction
will not take place as the current shareholders of BBL have
exercised their right of first refusal," Enagas said in a
statement released on Wednesday.
    The price of the transaction, which was announced on January
16, was 75 million euros ($80 million).
    BBL operates a 235-kilometre pipeline between Netherlands
and Britain with an hourly capacity of 20,600,000 kilowatt
hours.
    Dutch grid operator Gasunie owns a 60% stake while Belgium's
Fluxys  FLUX.BR  and Uniper each hold 20%.
    The sale of the stake in BBL is part of a package of
remedies required by the European Commission in exchange for
approving Germany's bailout and nationalisation of Uniper agreed
late last year.
    ($1 = 0.9347 euros)
 (Reporting by Matteo Allievi; editing by Inti Landauro and
Jason Neely)
 ((matteo.allievi@thomsonreuters.com;))