BBVA Corporate & Investment Banking has acted as sole financial advisor to Enagás in the acquisition of a 30% stake in the Spanish regasification plants BBG and Saggas from a fund managed by Deutsche Alternative Asset Management for a total amount of nearly 95 million euros.
With this deal, BBVA reinforces its capacity in the M&A business in Spain, which was recognized in 2014 with the awards "Best Merger and Acquisition Financial Advisor of the Year in Spain" from Mergermarket and "Best M&A House in Spain" from the Euromoney Awards for Excellence. BBVA also consolidates its leadership position in the M&A market in the energy sector. This is the fourth deal closed in the last twelve months (following the EDP – Redexis, ESB – Bizkaia Energía and Enagás – Transportadora de Gas del Perú transactions) and the 25th since 2011.
BBVA's capabilities have been key to the success of this deal and have enabled it to close it quickly and clearly (in less than 3 months starting in November 2014). The company has provided Enagás with a comprehensive advice service that included consultancy on the strategic approach to the process, negotiating tactics, asset valuation and profitability analysis, due diligence coordination, and assistance with the negotiation of the contracts.
This transaction represents a milestone for the various parties. Enagás consolidates its leading position in the regasification industry in Spain, as it is now present in 5 of the country's 6 regasification plants, while it strengthens its stake in BBG by becoming its main shareholder. Meanwhile, Deutsche Alternative Asset Management has sold mature assets in one of Spain's best macroeconomic environments and has also gained relevant experience that can be applied to other similar investments in Spain.