About the deal
On September 23rd, 2022, it was announced that a Swiss investment fund and a consortium of Belgian investors have reached an agreement with CDPQ, a Canadian pension fund, to acquire the latter's shares in Fluxys.
Fluxys is a fully independent energy infrastructure group headquartered in Belgium with 1,300 employees active in gas transmission, storage, and liquefied natural gas. EIP, the new Swiss shareholder, paid nearly 800 million euros for CDPQ’s shares in Fluxys, which is enough to value Fluxys at nearly 4 billion euros.
"Energy Infrastructure Partners will take over the majority of CDPQ's stake. An infrastructure investor and specialist in the energy sector, EIP has been working alongside Fluxys since 2016 as a partner in FluxSwiss". Alongside EIP, AG Insurance, Ethias, and SFPI (already a shareholder) are taking over part of CDPQ's stake (19.85%) in Fluxys.
KPMG Deals and M&A Tax have provided EIP with financial and tax due diligence services for the Fluxys deal. More specifically, KPMG has been involved throughout the buyside process, advising both EIP as well as the Belgian investors AG Insurance, Ethias, and the Federal Holding and Investment Company, advising them towards the successful completion of the transaction. This deal is another example of KPMG’s leading position as an advisor within the Energy sector.
If you have any questions, feel free to reach out to Magali Vercammen (Energy Sector Lead) or Stijn Potargent (Partner, Deals).