Fluxys G to acquire Eni gas pipeline assets

Fluxys G has signed a purchase agreement to acquire a stake in Eni’s gas pipeline assets in Switzerland and Germany for more than $1bn.

The acquisition includes a 49% stake in the Trans Europa Naturgas Pipeline (TENP) and a 50% holding in the Trans Europa Naturgas Pipeline.

Fluxys will also acquire a 46% stake in Transitgas, a 100% stake in Eni Gas Transport International in Switzerland and a 100% stake in both Eni Gas Transport Deutschland and Eni Gas Transport in Germany.

Fluxys will pay a total of CHP974mn ($1bn) for the shares in the Transitgas gas pipeline and €60m for the shares in the TENP gas pipeline.

The sale process is expected to be completed by the end of 2011.