Kuwaiti Fund Makes $1.7bn Move for North Sea Private Equity-owned Midstream Assets

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Wren House Infrastructure Management, the London-based arm of the Kuwait Investment Authority, has bought a North Sea gas midstream business in a reported $1.7bn (£1.3bn) deal.

Wren House announced today it has agreed to acquire private equity firm ArcLight Capital Partners’ interest in North Sea Midstream Partners (NSMP), which has interests in and operates four gas transportation and processing assets in and around the North Sea.

These include a 67 per cent interest in the Shetland Island Regional Gas Export System pipeline, which transports gas from the West of Shetland basin and a 100 per cent interest in the Frigg UK pipeline.

Other infrastructure investments Wren House has made in the UK include Associated British Ports, London City Airport and Thames Water.

Managing director of Wren House Hakim Drissi Kaitouni said: “We are excited to continue building on the foundations set by ArcLight and are pleased to support NSMP as it continues to deliver the highest level of service to its customers, whose needs are expected to rapidly grow driven by positive production outlook and new development activities.”

NSMP’s chief executive Andy Heppel said: “The combination of NSMP’s great base business with Wren House’s financial expertise and commitment to operational excellence will be the trigger for continued development of the NSMP infrastructure in the North Sea.”

The transaction is expected to close in 2018, the terms of the deal were not disclosed.

Bank of America Merrill Lynch and Freshfields Bruckhaus Deringer are advising Arclight on financial and legal issues respectively while Wren House is being advised on financial matters by Jefferies and Macquarie Capital and legal matters by Slaughter and May.

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