Dunkirk LNG terminal. [Photo provided by Samsung Securities Co.]
A consortium led by South Korea’s Samsung Securities Co. has bought a stake in the liquefied natural gas (LNG) terminal of Dunkirk, France in what the brokerage claims is the largest infrastructure deal landed by local investors.
Samsung Securities said Friday its consortium including IBK Securities Co., Hanwha Investment & Securities Co. and Samsung Asset Management agreed to buy a 39.24 percent interest in the terminal. Another consortium composed of Fluxys Belgium SA, AXA Investment Managers and Crédit Agricole Assurances would acquire the remaining 35.76 percent.
Together, they would take up the 75 percent stake in the LNG terminal worth about 1.5 trillion won ($1.33 billion) that had been put up for sale by state-owned utility Électricité de France and Total S.A., a French oil and gas company.
The Dunkirk LNG terminal is the second largest of its kind in Europe that accounts for 20 percent of total LNG consumption in all of France and Belgium. Fluxys, the Belgium-based operator of natural gas transport networks, would be in charge of operation.
Samsung Securities plans to sell the stake in the form of equity funds and loan funds after reviewing investor demand. The equity fund is expected to deliver annual returns of about 7 percent, according to the company.
“The Dunkirk LNG terminal is garnering interest among other institutional investors as a solid Euro-based infrastructure asset,” said a Samsung Securities official.
Korea Gas Technology Corp. served as technical advisor for Samsung Securities prior to the acquisition and will continue to be its main consultant during the operation stages.
By Han Ye-kyung and Kim Hyo-jin
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