The Caisse acquires an interest in Interconnector, a natural gas pipeline linking the United Kingdom and continental Europe
The Caisse de dépôt et placement du Québec has acquired a 25% equity interest in Interconnector (UK) Limited, a United Kingdom gas transporter, which owns and operates a bi-directional pipeline linking the UK and Belgium. The Caisse acquired the shareholding from BG Group for £ 165 million.
“This transaction perfectly meets the Caisse’s Private Equity Group’s investment criteria. First and foremost, this asset is of very high quality. Interconnector is the owner of a strategic natural gas transportation link between the United Kingdom and the rest of Europe. Moreover, the rates for this pipeline are fixed until 2018, which guarantees a stable and predictable income stream,” states Ghislain Gauthier, First Vice-President Infrastructures and Energy from the Private Equity Group at the Caisse.
The Caisse de dépôt et placement du Québec is a financial institution that manages funds essentially for pension and insurance plans in the public and private sectors. As at December 31, 2006, the Caisse’s net assets under management were worth 143.5 billion dollars. The Caisse invests in major financial markets as well as in private equity and in real estate. The private equity team is especially interested in business ventures that provide steady and predictable sources of income for the infrastructure portfolio. The Caisse enters into partnerships with dynamic enterprises in different economic sectors and offers a wide range of financing options, more specifically, equity interests and loans. As at December 31 2006, the Private Equity sector’s portfolios had a net worth of 16.8 billion dollars.
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