Swiss private equity firm Partners Group is set to acquire Norwegian midstream infrastructure company CapeOmega for nearly €1.2bn ($1.34bn).
The company will acquire CapeOmega from private equity investor HitecVision, on behalf of its clients.
Established in 2014, CapeOmega focuses on supplying key infrastructure to enable natural gas transportation from the Norwegian Continental Shelf (NCS). It also holds significant stakes in multiple Norwegian midstream infrastructures including Gassled, an offshore gas transmission system.
CapeOmega is a stakeholder in the Nyhamna gas processing plant in Norway, as well as the 480km long Polarled pipeline between the offshore Aasta Hansteen field and Nyhamna. The company also owns stakes in the Brynhild, Enoch and Oselvar oil fields.
Partners Group Private Infrastructure Europe managing director Esther Peiner said: “Natural gas is increasingly adopted as a complementary fuel source to renewables in the context of the retirement of coal-fired and nuclear power plants across Europe, and the NCS is poised to benefit from this demand tailwind.
“Partners Group welcomes the opportunity to partner with a well-respected and experienced management team to realise the associated infrastructure expansion potential for CapeOmega in one of Europe’s key natural gas supply hubs.”
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Following the completion of the deal, Partners Group will work with the CapeOmega’s management team to further strengthen its offshore infrastructure and related assets portfolio. It will also work on greenfield developments and additional acquisitions in Norway.
Partners Group, which manages around €73m worth of assets, holds a significant portfolio of midstream infrastructure assets globally.