Macquarie Asset Management, via Macquarie Super Core Infrastructure Fund, has agreed to acquire Germany’s second largest gas transmission system operator Thyssengas from DIF and EDF Invest.
Thyssengas operates a 4,400-kilometre underground network which supplies gas to around 50 municipal distribution centres, 160 industrial customers and seven gas storage systems across Germany’s industrial heartland of North Rhine-Westphalia. Thyssengas is expected to play a central role in supporting Germany’s ambitious decarbonisation plans to reduce nuclear and coal-fired generation by enabling greater use of low-carbon gases by its customers within the region.
Hilko Schomerus, Managing Director at Macquarie Asset Management, said: “Thyssengas is situated at the centre of Germany’s industrial region and services many hard-to-abate sectors. With a strong reliance on conventional energy, limited renewable energy resources, and strong gas network connectivity, greener gases such as low-carbon hydrogen present a strong energy alternative for local businesses seeking to decarbonise. We are excited by the opportunity to progress and champion this critical work to make Thyssengas’ network ready for the future. We know the company and its operations well, and we look forward to recommencing our long-term partnership with the business.”
Dr. Thomas Gößmann, Chief Executive Officer at Thyssengas, said: “We are pleased to be working with Macquarie to address the major challenges and opportunities presented by the ongoing transformation of the energy industry. Our asset is, and will remain, the pipeline network for Germany’s industrial sectors as we continue to evolve our energy offering in an increasingly decarbonised world. The fact that our company has already worked successfully with Macquarie over many years gives us a positive outlook for the future.”
Macquarie Asset Management benefits from a deep understanding of the business, having previously owned Thyssengas between 2011 and 2016 via another of its managed infrastructure funds. Macquarie Asset Management is also already supporting the development of Germany’s critical energy infrastructure through its long-term investment in transmission network operator Open Grid Europe.
Macquarie Group has been investing in Germany for over 30 years and employs more than 170 staff across the region, with offices in Munich and Frankfurt. Today, Macquarie Group has investments across Germany’s energy, renewables, utilities, and real estate sectors.
RBC Capital Markets served as DIF’s and EDF INVEST’s financial advisor, and Linklaters provided legal advice. Furthermore, DIF and EDF INVEST were supported by Ernst & Young, AFRY Management Consulting, and Willis Towers Watson.
Thyssengas is one of 16 German gas TSOs. Founded in 1921, when its predecessor company built the first gas transmission system in Germany, Thyssengas can look back on a 100-year history, during which it has developed great expertise. Thyssengas currently employs an engaged and motivated team of around 390 employees, across seven locations in Northern Germany. As a TSO, Thyssengas is certified as an Independent Transmission Operator (ITO) by Bundesnetzagentur (BNetzA), the German Federal Network Agency.