We act as legal counsel to Gasum Oy in the sale of its local distribution network through the shares in its subsidiaries Gasum Paikallisjakelu Oy and Helsingin Kaupunkikaasu Oy to SL Capital Partners, funded through its infrastructure fund SL Capital Infrastructure I LP. The agreement was signed on 22 June 2015 and is expected to be completed within approximately one week.
The transaction is part of Gasum’s strategy to focus on the development of the Nordic gas market and energy infrastructure through environmentally friendly solutions. Gasum Paikallisjakelu Oy is in charge of local gas network operations in twelve areas in Finland, and Helsingin Kaupunkikaasu owns the Helsinki natural gas network. Gasum is now giving up ownership of the distribution network, but maintains the supply contracts with gas customers. Looking forward, SL Capital will work closely with Gasum to grow the business, connecting new customers and encouraging greater use of gas throughout southern Finland.
SLCI I is the infrastructure fund managed by SL Capital Partners, targeting long-term investment in core infrastructure assets in the UK and North West Europe. The fund’s capital has been raised from pension funds from the UK, Canada and Europe. SL Capital Partners manage segregated accounts for some of the world’s largest pension funds. The business is owned by its partners and Standard Life Investments, the fund management arm of the Standard Life Group (FTSE 100 listed company).
