IPM concludes the acquisition of 39.24% of Dunkerque LNG SAS, the owner of the liquified natural gas (LNG) terminal in northern France.
PARIS/LONDON/SEOUL (30.10.2018) – IPM Group, the fund management and advisory group based in London, Seoul and Bratislava, has today reached financial close on the acquisition of 39.24% of Dunkerque LNG SAS from EDF and Total, on behalf of a consortium of Korean investors in cooperation with Samsung Asset Management Co Ltd.
On the same day, EDF and Total sold their remaining 35.76% shareholding in Dunkerque LNG SAS to an investor group led by gas infrastructure group Fluxys, already active in the operation of the terminal, in consortium with AXA Investment Managers – Real Assets, acting on behalf of its clients, and Crédit Agricole Assurances. The Korean consortium investment was supported by an acquisition loan, with Industrial Bank of Korea acting as mandated lead arranger. Across the two transactions of the consortia, the aggregate enterprise value for the entire stake amounts to €2.4 billion.
Dunkerque LNG terminal (www.dunkerquelng.com) in northern France is among the largest European terminals for the import of liquified natural gas and is connected directly to the gas networks of France and Belgium, capable of satisfying 20% of the total gas demands of those markets. The flexibility of the terminal and its connected infrastructure also enables it to serve the gas markets of the United Kingdom, the Netherlands, Germany and beyond. The quality of the terminal’s design, the strength of the business and its operator, and the positive prospects for the LNG market in Europe made it a compelling investment case for IPM Group’s investors.
As a result of the transactions concluded today, EDF and Total have exited their entire shareholdings in the terminal, with the Fluxys consortium becoming the majority shareholder including Fluxys’ original 25% shareholding. The terminal joins Fluxys group’s impressive portfolio of critical gas infrastructure which includes the Belgian gas grid, the Interconnector pipeline between the UK and continental Europe, and the TENP, NEL and Transitgas pipelines in Germany and Switzerland.
The sale by EDF and Total of their stakes in the terminal attracted some of the most renowned players in the infrastructure finance sector. IPM Group is pleased to support Fluxys’ activities on this important part of Europe’s energy infrastructure for its investors, and looks forward to working with them and Dunkerque LNG’s other shareholders to ensure the terminal’s continuing and growing success.
About IPM Group
InfraPartners Management (IPM) is a global fund management and advisory company, established in 2014 by a team of experienced investment professionals. IPM is headquartered in London, Seoul and Bratislava, with a presence in the United States and Turkey. IPM specialises in alternative asset classes, including infrastructure, venture capital, private equity and commodities. At IPM we aim to create a positive economic impact and long-term value for our clients, the companies we invest in, and the communities in which we work.
About Samsung Asset Management
Samsung Asset Management is Korea’s largest asset manager and the asset management affiliate of the Samsung Group. Founded in 1998, Samsung Asset Management has been serving investors for 20 years, and as of the end of 2017 had in excess of c.US$200bn AUM, managed by a team of over 350 investment professionals located across offices in Seoul, Hong Kong, New York, London and Beijing. Samsung Asset Management has invested in global infrastructure projects spanning Asia-Pacific, Europe, North America and Latin America.
Fluxys is a Belgium-based, fully independent gas infrastructure group. The company is a major gas transit operator and its offering combines gas transmission, gas storage and terminalling of liquefied natural gas (LNG). Present across Europe, Fluxys contributes to a sustainable energy future and our passionate teams secure reliable and affordable energy flows into the market.
Besides its pipeline, storage and LNG terminalling assets in Belgium (owned and operated by Euronext listed Fluxys Belgium), Fluxys’ partnerships include ownership in an LNG bunkering ship, the Interconnector and BBL pipelines linking the UK with mainland Europe, the Dunkirk LNG terminal in France, the NEL and TENP pipelines and the EUGAL pipeline project in Germany, the Transitgas pipeline in Switzerland and the TAP pipeline from Turkey to Italy under construction to bring gas coming from Azerbaijan and potentially other sources to Europe.
About AXA Investment Managers – Real Assets
AXA Investment Managers – Real Assets, a global leader in real asset investments and the number one property portfolio and asset manager in Europe, has over €77bn in assets under management, incl. €58.6bn in direct property & infrastructure and €14.8bn in real asset finance (June 2018). We offer a 360° approach to investing in real assets, which comprises opportunities in both equity and debt, across different geographies and sectors, as well as via private and listed instruments. Our 30-year experienced teams comprise over 600 people in 14 offices that operate in over 20 countries around the world, which provide us with in-depth knowledge of countries, cities and sectors.
About Crédit Agricole Assurances
Crédit Agricole Assurances, Europe’s leading bank insurer, holds all of Crédit Agricole’s insurance entities. The group offers a range of products and services for savings, retirement, health, death & disability and property insurance. They are distributed via Crédit Agricole group banks in France and in 9 other countries worldwide, by wealth management advisers and insurance agents. Crédit Agricole Assurances companies meet the needs of individuals, professionals, farmers and businesses. Crédit Agricole Assurances has 4,400 employees. Its sales at the end of 2017 amounted to €30.4 billion (IFRS).