April 2, 2019 / 2:59 PM / 6 months ago

Hitecvision buys No. 2 owner of Norway's offshore gas pipeline system

OSLO (Reuters) - Private equity firm Hitecvision has agreed to acquire 100 percent of the shares in Solveig Gas, the second largest owner of Norway’s offshore gas pipeline system, the company said on Tuesday.

Solveig Gas owns 25.6 percent in the Gassled joint venture, which owns a majority of offshore pipelines that transport natural gas from the Norwegian continental shelf to customers in Europe.

Hitecvision said the owners of Solveig Gas - Canada Pension Plan Investment Board, Infinity Investments, a wholly-owned subsidiary of the Abu Dhabi Investment Authority, and Allianz Capital Partners - have agreed to sell their stakes to a portfolio company of Hitecvision with effective date of Jan. 1, 2019, and pending government and competition authority approvals.

Hitecvision did not give the deal’s value.

Norway’s state-owned Petoro is the largest owner in Gassled with a 46.7 percent stake.

Reporting by Nerijus Adomaitis; editing by David Evans

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