Two of Europe’s largest pension funds, ATP and USS, have linked up with two Chinese financial investors to complete the acquisition of Spanish gas distributor Redexis. 

Danish statutory pension fund ATP and UK universities pension fund USS increased their stakes to a majority, acquiring – along with new Redexis shareholders Guoxin Guotong Fund (GT Fund) and CNIC Corporation – the 50.1% of the company they did not already own.

They bought the stake from Goldman Sachs Infrastructure Partners II, a fund belonging to Goldman Sachs (GSIP).

The deal leaves ATP and USS each with a 33.3% stake in Redexis, and the Chinese funds with a 33.3% stake between them, held through a common vehicle.

Michael Dalsgaard, senior investment manager at ATP and newly-elected board member in Redexis Gas, told IPE: “ATP has been an investor in Redexis since 2010 and we have over the years increased our investment in Redexis Gas on several occasions.”

He said ATP was very pleased with its investment and looked forward to continuing working with the company’s “excellent team”, and to supporting its growth strategy.

“Going forward ATP will have an additional board member at Redexis and we look forward to the journey with the company and our co-shareholders,” Dalsgaard said.

USS could not immediately be reached for comment.

A Redexis statement about the deal said that it “reflects once again ATP’s and USS’s support for the company’s long-term growth strategy and significant investment plan”.

Both ATP and USS have been investors in Redexis Gas along with GSIP since 2010, initially as indirect investors and since 2017 as joint direct owners of 49.9% of the Spanish firm.

Redexis Gas develops and operates natural gas transportation and distribution networks, and supplies liquefied petroleum gas in Spain.

The company’s chairman Fernando Bergasa said his company was now looking forward to entering a new phase of long-term growth based on a significant investment plan, with the support of the four shareholders.

Vantage Infrastructure is acting as the manager of the stake in Redexis Gas held by GT Fund and CNIC.

Citigroup Global Markets Limited and Goldman Sachs International acted as financial advisers to GSIP while Evercore was the financial adviser for GT Fund and CNIC.

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