November 30, 2020

Enagás increases its stake in Tallgrass to 30.2% after investing 760 million


Madrid

Updated:

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Enagás has raised its indirect stake in the US company Tallgrass Energy to 30.2% after an investment of some 760 million euros, as reported today by the manager of the Spanish gas system to the National Securities Market Commission (CNMV).

Tallgrass Energy shareholders gave the green light yesterday to the acquisition of the company by Enagás and its partners Blackstone Infraestructure Partners, Singapore’s sovereign wealth fund GIC, NPS and USS, after agreeing to a final price of around 20.7 euros per share, a 15% above the initial non-binding offer.

In addition, the group chaired by Antonio Llardén has increased its presence on the Tallgrass board of directors from one to two directors “reinforcing their participation in the company’s operational and financial decision-making.” The new director at Tallgrass would be Borja García-Alarcón, Enagás’ chief financial officer.

The operation is part of the company’s strategic plan, ratifies its commitment to internationalization and the strategic agreement with Blackstone, GIC, NPS and USS, leading investors worldwide, the company stresses.

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