LNG

Naturgy Energy, the power company with LNG operations from Puerto Rico to Europe and pipeline gas networks from Algeria to South America, has seen its shares jump by more than 6 percent amid moves for a takeover by a company from Abu Dhabi in the United Arab Emirates.

Luxembourg private equity group CVC Capital Partners has struck a deal to take over the Netherlands-based infrastructure group DIF Capital Partners with its investments in LNG carrier newbuilds.

CVC, a leading global markets asset management firm focused on private equity, is acquiring a majority stake in leading infrastructure manager, DIF Capital Partners and providing a commitment to acquire the remaining shares over time.

This combination creates a global private markets manager based in the European Union with around €177 billion ($190.2Bln) of total assets under management.

DIF is headquartered in Amsterdam with €16Bln of assets under management, a team of over 225 professionals across 11 offices and operating two different investment strategies.

Founded

The Dutch firm was founded in 2005 and has built a leading position in mid-market infrastructure investments, primarily in Europe, North America and Australia.

DIF has a 31 percent stake in five LNG carrier with capacities of 174,000 cubic metres.

The vessels are on long-term contracts and fly the French flag.

A statement said that the tie-up with CVC would help accelerate growth as DIF continues to deepen and widen its investment capabilities and geographic reach.

DIF will continue to be led by its current Chief Executive and Partners and it would operate under the DIF brand.

“Expanding into infrastructure is a logical next step for us, given the long-term secular growth trends in infrastructure and its adjacency to our existing strategies,” said CVC Chairman and Co-Founder Rolly van Rappard.

Growth

“We have known the DIF team for several years, and we are delighted to partner with one of the top pure-play global infrastructure managers, with an impressive track record of performance and growth,” Van Rappard added.

Wim Blaasse, CEO and Managing Partner at DIF said he was pleased with the CVC tie-up.

“This transaction enables us to benefit from CVC’s global platform, scale and investor relationships, and to double down on important infrastructure sectors like Energy Transition and Digitalisation while retaining independence over our investment decisions,” stated Blaasse

The transaction is subject to regulatory and other consents and is expected to close in the fourth quarter of 2023 or the first quarter of 2024.

The Dutch works council of DIF has been informed and positively advised on the transaction.

Advisers to CVC in this transaction included JPMorgan. DIF’s advisers included, among others, Morgan Stanley & Co. Plc, Loyens & Loeff, PwC and De Brauw.