Fluxys Belgium said it has sold its subsidiary Fluxys & Co to GDF SUEZ for €70 million.
Fluxys Belgium acquired Fluxys & Co from Distrigas in 2008. The company commercialized border-to-border transmission capacity in the Zeebrugge-Blaregnies (Troll) and Zeebrugge-Zelzate/Eynatten (VTN) pipelines. Fluxys & Co also held a 49% stake in the Norwegian partnership Patrederiet BW Gas Fluxys DA, which owns the LNG carrier BW GDF SUEZ Boston. After the acquisition, Fluxys Belgium integrated the transmission activities in the Troll and VTN pipelines into its own infrastructure portfolio. As a result, the stake in the LNG carrier was Fluxys & Co’s only remaining asset.
Since LNG shipping is not a core business of Fluxys Belgium, Distrigas was given a call option on Fluxys & Co in connection with the 2008 acquisition and Fluxys Belgium was given a put option in respect of GDF SUEZ. The price for exercising both options was set at €70 million. The call option was not exercised, meaning that Fluxys Belgium was able to exercise its put option in respect of GDF SUEZ.
[mappress] LNG World News Staff, January 21, 2013