Enagas leaves US after multi-million dollar operation with historic losses

Until now, High grass This seemed like one of the strategic bets for the group. Enagas leaves Tallgrass and the USto focus on hydrogen in Europe, which has become its new strategic obsession, thus adapting to the wishes of the governmentrno in Spain. Enagás is a company owned by a state holding Sepi by 5%, but the Government’s influence on this is very important.

The deal is expected to close at the end of July this month, although the agreed amount is $50 million.

Until now, High grass This seemed like one of the strategic bets for the group. Enagas leaves Tallgrass and the USto focus on hydrogen in Europe, which has become its new strategic obsession, thus adapting to the wishes of the governmentrno in Spain. Enagás is a company owned by a state holding Sepi by 5%, but the Government’s influence on this is very important.

The deal is expected to close at the end of July this month, although $50 million of the agreed amount will be received subject to the receipt of current administrative clearance. black stone It is the main shareholder of Tallgrass, although it went through a competitive process when selling Enagás. The state fund Singapore GIC and European pension USS full stake in Tallgrass.

The sale of Tallgrass Energy was formalized “as part of asset rotation process the company announced in its Strategic Plan 2022-2030whose priorities are decarbonization and security of supply to Spain and Europe,” Enagas explained, which also explains the huge capital losses that this operation will cause.

In particular, the operation “will generate accounting loss in the income statement for 2024 of approximately EUR 360 millionHowever, “it will have a very positive impact on the company’s cash flow statement due to the cash inflow that such a reduction in investment entails.”

With the rotation of shares of Tallgrass Energy, Enagás “strengthens its balance sheet to guarantee the execution of the investment plan in renewable hydrogen infrastructure, included in the list of projects of common interest of the European Union and in line with the mandate of Royal Decree-Law 8/2023, which appoints Enagás as interim manager Hydrogen“the company added. “This transaction strengthens the company’s dividend policy, as well as its long-term sustainability.”