• Home
  •  
    Regions
    • Europe
    • UK & Ireland
    • DACH
    • Nordic
    • France
    • Southern Europe
    • Benelux
    • CEE
    • Asia
  •  
    Deals
    • Buyouts
    • Venture
    • Exits
    • Refinancings
    • Build-up
    • Turnaround
    • Secondaries
    • Advanced deal search
  •  
    Funds
    • Buyout
    • Venture
    • Mezzanine
    • Debt
    • Funds-of-funds
    • Secondaries
    • Fundraising pipelines
    • Advanced funds search
  •  
    GPs & LPs
    • GP profiles
    • LP profiles
    • GP news
    • LP news
    • Sponsors search
    • LPs search
  •  
    Secondaries
    • Deals
    • Funds
    • News
    • Analysis
  •  
    People
    • People moves
    • Analysis
    • In Profile
    • Q&A
    • Videos
    • Comment
  •  
    Analysis
    • In Profile
    • Fundraising
    • Q&A
    • Comment
    • Videos
    • Podcast
    • Reports
    • Data Snapshots
  •  
    Unquote Data
    • Deals search
    • Exits search
    • Funds search
    • Sponsors search
    • Advisers search
    • LPs search
    • League tables
    • Reports
  • Sign in
  • Sign in
    • You are currently accessing unquote.com via your Enterprise account.

      If you already have an account please use the link below to sign in.

      If you have any problems with your access or would like to request an individual access account please contact our customer service team.

      Phone: +44 (0)203 741 1137

      Email: Georgina.Lawson@acuris.com

      • Sign in
     
      • Newsletters
      • Account details
      • Contact support
      • Sign out
     
  • Follow us
    • Twitter
    • LinkedIn
  • Free Trial
  • Subscribe
Unquote
Unquote
  • Home
  • Regions
  • Deals
  • Funds
  • GPs & LPs
  • Secondaries
  • People
  • Analysis
  • Unquote Data
      • Deals search
      • Exits search
      • Funds search
      • Sponsors search
      • Advisers search
      • LPs search
      • League tables
      • Reports
  • You are currently accessing unquote.com via your Enterprise account.

    If you already have an account please use the link below to sign in.

    If you have any problems with your access or would like to request an individual access account please contact our customer service team.

    Phone: +44 (0)203 741 1137

    Email: Georgina.Lawson@acuris.com

    • Sign in
 
    • Newsletters
    • Account details
    • Contact support
    • Sign out
 
UNQUOTE
  • Infrastructure

Partners Group buys CapeOmega from HitecVision for €1.2bn

  • Rory Gallivan (Inframation), Oscar Geen (Unquote)
  • 23 April 2019
  • Tweet  
  • Facebook  
  • LinkedIn  
  • Google plus  
  • Send to  

Partners Group's infrastructure division has acquired Norwegian energy infrastructure and production company CapeOmega from HitecVision.

CapeOmega is an unusual asset for infrastructure funds to target because, as well as three stakes in energy infrastructure assets, including Gassled, it also has three stakes in energy production assets in the Norwegian and North Seas, according to people following the process who spoke with Unquote sister publication Inframation. However, the sources said infrastructure assets make up the bulk of the portfolio in terms of value, which makes it of interest to infrastructure funds.

HitecVision acquired the company in 2014, drawing equity from HitecVision VII, a $1.9bn fund set up to target the oil and gas industry in northern Europe and the Gulf.

Zug-headquartered Partners Group's current investments in energy infrastructure assets through its infrastructure fund include Texas-based gas-processing facility Raven, Turkish gas distribution business Enerya, and Oklahoma-based Superior Pipeline Company. It also joined forces with Singapore sovereign wealth fund GIC to bid for energy company Arclight's North Sea Midstream Partners last year, but lost out to Wren House, part of the Kuwait sovereign wealth fund.

Partners Group said it will work closely with CapeOmega's management team, led by CEO Gisle Eriksen, to further expand in offshore infrastructure and related assets, with a focus on greenfield developments and brownfield acquisitions.

The most valuable asset is its 16% stake in the Norwegian gas transport system Gassled, which could be worth NOK 6.5bn (€670m) based on the NOK 1.09bn CapeOmega paid for a 1.9% stake in the asset in 2016 as it built up its holding.

Gassled's valuation was hit hard by a 2013 government decision to slash the tariffs it can charge that have not already been contracted by 90%. However, CapeOmega, which was established in 2014, began investing in Gassled after the government decision, meaning the tariff cut was priced into the amount it paid.

The other infrastructure assets in the Gassled portfolio are a 19.1% stake in Polarled, a pipeline connecting the Aasta Hansteen gas field to the Nyhamna processing plant, and a 6.6% stake in the Nyhamna plant.

The production assets are a 49% stake in the Brynhild production licence, a 4.36% stake in the Enoch field and a 45% stake in the Oselvar oil and gas field. CapeOmega paid $95m (€84m) for 39% of Brynhild in 2017, having previously owned 10%.

Other infrastructure investors that had been in talks with HitecVision about buying CapeOmega included Macquarie Infrastructure and Real Assets (Mira) and BlackRock last year. However, the talks failed to result in a deal and the sale was relaunched earlier this year. Mira and BlackRock declined to comment.

Other shareholders in Gassled include Allianz, which has a 6.4% stake, and until recently Abu Dhabi Investment Authority and Canada Pension Plan Investment Board (CPPIB). HitecVision earlier this month announced that it has agreed to acquire Solveig Gas, whose sole asset is a 25.55% stake in Gassled, from Solveig Gas's current shareholders Allianz (30%), Abu Dhabi Investment Authority (30%) and CPPIB (40%), for an undisclosed fee.

The purchase brings HitecVision's stake in Gassled to around 40% when added to the CapeOmega stake in Gassled.

People following the process told Inframation that HitecVision was likely to have to reduce its stake in Gassled either through a sale of CapeOmega or other means. This is because Norway's Ministry of Petroleum and Energy indicated to Gassled's shareholders in a letter in September that no shareholder other than the Norwegian state can expect to be allowed to own more than a third of the asset. The Norwegian state owns 47% of Gassled.

Aside from Solveig and CapeOmega, Gassled shareholders include state-owned Petoro (46.7%) and oil company Equinor (5%). Allianz also owns 6.4% through its wholly owned subsidiary Silex Gas.

  • Tweet  
  • Facebook  
  • LinkedIn  
  • Google plus  
  • Send to  
  • Topics
  • Infrastructure
  • Nordics
  • HitecVision
  • Partners Group
  • Norway

More on Infrastructure

Earth Capital merges four assets to form bioenergy plant SEHL
Earth Capital merges four assets to form bioenergy plant SEHL

The new company is made up of four plants already held in the GP’s fully deployed Nobel Sustainability Fund

  • Infrastructure
  • 18 August 2022
EQT, Omers buy Deutsche Glasfaser from KKR
EQT, Omers buy Deutsche Glasfaser from KKR

Company has a reported enterprise value of €2.5-3bn and will merge with EQT portfolio company Inexio

  • Infrastructure
  • 10 February 2020
3i Infrastructure acquires Joulz for €220m
3i Infrastructure acquires Joulz for €220m

Joulz's parent company, Stedin Groep, launched the sale of the company in June 2018

  • Infrastructure
  • 13 March 2019
KKR et al. acquire stakes in Altice telecoms towers
KKR et al. acquire stakes in Altice telecoms towers

KKR Infrastructure buys 49.99% of new company SFR TowerCo, with an EV of €3.6bn

  • Infrastructure
  • 21 June 2018

Latest News

Partners Group to release IMs for Civica sale in mid-September
  • Exits
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme

Sponsor acquired the public software group in July 2017 via the same-year vintage Partners Group Global Value 2017

  • 04 September 2023
BHM Group builds on PE strategy, eyes European medtech and renewable energy acquisitions
  • Investments
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme

Czech Republic-headquartered family office is targeting DACH and CEE region deals

  • 01 September 2023
Redalpine expands leadership team amid CHF 1bn-plus fundraise
  • Venture
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme

Ex-Rocket Internet leader Bettina Curtze joins Swiss VC firm as partner and CFO

  • 31 August 2023
Change Ventures aims to hold final close for EUR 20m third fund by mid-2024
  • Funds
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme

Estonia-registered VC could bolster LP base with fresh capital from funds-of-funds or pension funds

  • 31 August 2023
Back to Top
  • About Unquote
  • Advertise
  • Contacts
  • About Acuris
  • Terms of Use
  • Privacy Policy
  • Group Disclaimer
  • Twitter
  • LinkedIn

© Merger Market

© Mergermarket Limited, 10 Queen Street Place, London EC4R 1BE - Company registration number 03879547

Digital publisher of the year 2010 & 2013

Digital publisher of the year 2010 & 2013