German utility Uniper has agreed to divest its 20% stake in Dutch BBL Company VOF, which owns a gas interconnection linking the UK and the Netherlands, to Spanish grid operator Enagas.

The 235km-long undersea gas pipeline is designed to have a maximum capacity of 15 billion cubic metres (bcm) per annum of direct flow between Balgzand, in the Netherlands, and Bacton in the UK, and 5bcm per annum in the reverse direction.

The transaction is expected to value BBL at approximately €375m, reported Reuters.

Upon completion of the deal, BBL will be 60% owned by Dutch grid operator Gasunie while Dutch grid operator Fluxys and Enagás will each own a 20% interest.

The sale forms part of the remedies package required by the European Commission for approval of the bailout and subsequent nationalisation of Uniper that was agreed in 2022.

The acquisition forms part of Enagás’ Strategic Plan to contribute to strengthening Europe’s energy security and decarbonisation.

Enagás said in a statement: “Following the closing of the acquisition, three transmission system operators (TSOs) will own this key infrastructure in Europe’s security of supply.”

The transaction is subject to customary condition precedents and a pre-emption right of the other co-owners of BBL Company.

In September 2022, the Germany government agreed to acquire an additional stake in Uniper and nationalise the gas importer to ensure energy supplies in the country.

The government, which currently owns a 30% stake in Uniper, will acquire additional stakes from Finnish energy firm Fortum. This will increase the government’s total share in the gas importer to 99%.