OMERS Acquires 34.6% Stake In GNL Quintero From Enagas Chile For US$341 Million

Published: Apr 11 2017
Deal Summary

Ontario Municipal Employees Retirement System (OMERS), a pension fund of the municipal employees of the Canada, through its infrastructure manager Omers Infrastructures Holdings II SpA, acquired a 34.6% stake in GNL Quintero S.A., a company that owns and operates GNL Quintero regasification terminal, from Enagas Chile S.p.A., a subsidiary of Enagas, a midstream energy company, for a purchase consideration of US$341 million (MM).

Of the total 34.6% stake in GNL Quintero, OMERS acquired 15% stake from Enagas Chile, and the remaining 19.6% stake which Enagas Chile acquired from Oman Oil Company SAOC.

In a separate transaction, Enagas Chile acquired an indirect 19.6% stake in GNL Quintero from Oman Oil for US$191 MM, through the acquisition of remaining 49% stake in Terminal de Valparaiso S.A.

The regasification terminal is located in the Bay of Quintero, 160 km northwest of Santiago, Chile. The terminal has three tanks with overall storage capacity of 334,000 cubic metre, a total emission capacity of 625,000 cubic metre (n)/h and docking facilities for methane tankers for up to 265,000 cubic metre of LNG. The terminal has receiving, unloading, storage and regasification of up to 15 mmcfd of liquefied natural gas.

Prior to the transactions, TDV was 51% owned by Enagas Chile and 49% owned by Oman Oil; and the partners in GNL Quintero were Enagas Chile (40%), TDV (40%) and Empresa Nacional del Petroleo (ENAP) (20%). Following both the transactions, Enagas Chile owns 100% stake in TDV; and the partners in GNL Quintero are Enagas Chile (45.4%), OMERS (34.6%), and ENAP (20%).

The transaction enables OMERS to strengthen its investment portfolio.

Ralph Berg, executive vice president and global head of infrastructure of OMERS private markets, said, “Today marks not only our first direct infrastructure investment in Chile, but also signals our entrance into South America. GNLQ is one of the most relevant terminals in the region, providing critical regasification and storage capacity to central Chile. GNLQ is a well-managed, world-class asset that aligns closely with our ongoing effort to diversify our global portfolio of core infrastructure holdings – and pay pensions to our members. We look forward to working constructively with our fellow GNLQ shareholders, GNLQ management and all local stakeholders in the years ahead.”

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