Transaction|February 1, 2012
CPP Investment Board completes acquisition of stake in Gassled
Torys acted as counsel to Canada Pension Plan Investment Board providing Canadian regulatory advice with a team that included Matthew Cockburn, Scott Bell, Wilfred Estey and John Cameron.
On February 1, 2012, CPP Investment Board (CPPIB) announced that a consortium, including CPPIB, has completed the acquisition of a 24.1% stake in the Gassled Joint Venture (Gassled) from Statoil ASA. The consortium entered into an agreement to acquire the stake in June 2011.
The buyer is Solveig Gas Norway AS, a holding company that is approximately 40% owned by CPPIB, 30% by Allianz Capital Partners, a subsidiary of Allianz SE, and 30% by Infinity Investments SA, a wholly owned subsidiary of the Abu Dhabi Investment Authority. The total value of the transaction as announced on June 6, 2011 is NOK 17.35 billion or approximately C$3.18 billion.
Established in 2003, Gassled is an unincorporated joint venture which owns the majority of the gas transport infrastructure on the Norwegian Continental Shelf. It is a core infrastructure asset and a strategic asset in the Northwestern Europe energy landscape. Gassled is expected to benefit from the growth in European gas demand and Norway's long term position as a key supplier of gas to Europe.
Canada Pension Plan Investment Board is a professional investment management organization that invests the funds not needed by the Canada Pension Plan to pay current benefits on behalf of 17 million Canadian contributors and beneficiaries.
Further information can be found on CPPIB's website.
The buyer is Solveig Gas Norway AS, a holding company that is approximately 40% owned by CPPIB, 30% by Allianz Capital Partners, a subsidiary of Allianz SE, and 30% by Infinity Investments SA, a wholly owned subsidiary of the Abu Dhabi Investment Authority. The total value of the transaction as announced on June 6, 2011 is NOK 17.35 billion or approximately C$3.18 billion.
Established in 2003, Gassled is an unincorporated joint venture which owns the majority of the gas transport infrastructure on the Norwegian Continental Shelf. It is a core infrastructure asset and a strategic asset in the Northwestern Europe energy landscape. Gassled is expected to benefit from the growth in European gas demand and Norway's long term position as a key supplier of gas to Europe.
Canada Pension Plan Investment Board is a professional investment management organization that invests the funds not needed by the Canada Pension Plan to pay current benefits on behalf of 17 million Canadian contributors and beneficiaries.
Further information can be found on CPPIB's website.