Enagas partners Blackstone, GIC for stake in Tallgrass energy

Spain's Enagás has signed an agreement to pay, as part of a consortium deal, US$590 million for a 10.93% indirect ownership interest in U.S. energy infrastructure company Tallgrass Energy LP.

Enagás will partner with affiliates of U.S. investment firm Blackstone and Singapore’s sovereign wealth fund GIC on the deal for a stake in Tallgrass Energy, a U.S. energy infrastructure company which owns several interstate pipelines.

Blackstone will retain a majority, GIC will retain a minority stake and Enagás will own almost 25% of the holding company at closing. Enagás has also agreed, following the closing, to acquire an additional 3.5% of the holding company for about US$83 million, subject to the completion of conditions. Affiliates of GIC and Enagás are minority investors in the transaction.