News

The Marguerite Fund completes the acquisition of a stake in AS Latvijas Gāze in Latvia

28 January 2016

Luxembourg, January 28, 2016 – The Marguerite Fund announced today that it has acquired a 28.97% stake in AS Latvijas Gāze (“LG”), the vertically integrated gas company in charge of the transmission, distribution, storage, and supply of natural gas in Latvia. Uniper Ruhrgas International GmbH (formerly E.ON Ruhrgas International GmbH), the seller, will remain a shareholder in LG and retain an 18.26% stake.

LG operates and maintains the Latvian gas transmission and gas distribution pipelines as well as the Inčukalns underground gas storage facility, the third largest storage facility in the EU and a strategic asset for the security of gas supply in the Baltics. LG also ensures the supply of natural gas to more than 400,000 domestic customers and provides gas to customers in Estonia, Northwest Russia and Lithuania. The company has a significant ongoing CAPEX program and sponsors two projects of common interest (“PCI”) which will improve the regional security of gas supply. LG will soon undergo reorganization to be compliant with the unbundling provisions of the 3rd energy package (separation of the transmission and storage activities from the supply and distribution activities).

“Through this transaction the Marguerite Fund will become the second largest shareholder in LG. We look forward to working together with the other stakeholders and management”, declared Nicolás Merigó, CEO of Marguerite Adviser S.A.

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