Belgium-based TSO Acquires Russian Giant's Stake in Interconnector (UK)

Fluxys has closed a deal with Gazprom that will see the Belgium-based company, mainly acting as a natural gas transmission system operator, acquire the latter’s 10% stake in Interconnector (UK), owner and operator of the subsea pipeline between the UK and Belgium. The transaction was successfully closed earlier today, according to a statement released on Fluxys' website.

Interconnector (UK) is a vital bidirectional transmission link connecting the UK to Continental European markets. The pipeline offers the UK market both security of supply and a unique tool for physical export to mainland Europe, contributing to the diversification of sources for Continental Europe, according to Fluxys.

Walter Peeraer, Managing Director and CEO of Fluxys, said: “Through the acquisition of Gazprom’s stake Fluxys becomes majority shareholder in Interconnector (UK) and we are fully aligned with our co-shareholders to move the company forward.”

Fluxys through the transaction increases its direct stake in Interconnector (UK) to 35%. Besides its direct stake, Fluxys holds with industry partner Snam on a 50/50 basis a joint stake of 31.50% in Interconnector (UK) and Fluxys shareholder Caisse de dépôt et placement du Québec holds an interest of 33.5% in the company.