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CSA Energy Infrastructure Switzerland, the Swiss gas industry and Fluxys acquire a stake in the Swiss Transitgas pipeline

Zurich, 21/06/2016

CSA Energy Infrastructure Switzerland together with other institutional investors, the Swiss gas industry and Fluxys agreed to acquire a 44.9% stake in FluxSwiss. FluxSwiss owns 46% of Transitgas AG and has the right to commercialise c. 90% of the capacity of the Transitgas pipeline.

Under the leadership of Swissgas and Credit Suisse Energy Infrastructure Partners AG an agreement has been signed with Global Infrastructure Partners (GIP) for the acquisition of 44.9% of the shares of FluxSwiss. The stake will be acquired by a consortium consisting of CSA Energy Infrastructure Switzerland (an investment group of the Credit Suisse Investment Foundation) together with other institutional investors, the Swiss gas industry formed by Swissgas and various Swiss utilities (Holdigaz, Gaznat, EGO, Groupe E and Gas & Com) and Fluxys, a Belgian operator of gas infrastructure in Europe.

FluxSwiss owns 46% of Transitgas AG and has the right to commercialise c. 90% of the capacity of the transitgas pipeline. Transitgas AG is the owner of a natural gas transportation system which reaches from the northern to the southern border of Switzerland. The transitgas pipeline is the Swiss part of the high pressure pipeline which connects the natural gas fields in Northern Europe with Italy. The transitgas pipeline is crucial for the supply of natural gas in Switzerland and enhances the diversification of supply sources to Italy.

Currently, Fluxys owns 50.2% in FluxSwiss, Global Infrastructure Partners (GIP) 44.9% and Swissgas 4.9%. From the 44.9% stake held by Global Infrastructure Partners (GIP), CSA Energy Infrastructure Switzerland together with other institutional investors will acquire 36.6% and the Swiss gas industry together with Fluxys 8.3%. The closing of the transaction is subject to any regulatory approvals and is expected to take place by the end of June 2016. The parties have agreed not to disclose the value of the transaction.

Credit Suisse Investment Banking acted as exclusive financial advisor to Credit Suisse Energy Infrastructure Partners AG and the other institutional investors.

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Swissgas
Swissgas (www.swissgas.ch), based in Zurich, works in close collaboration with its shareholders, the four regional companies EGO, EGZ, Gaznat and GVM, in the procurement and transportation of natural gas. The company’s imports cover about 50% of total natural gas demand in Switzerland. Swissgas operates its own high pressure natural gas pipelines and offtake stations alongside the international transit pipeline.

CSA Energy Infrastructure Switzerland

CSA Energy Infrastructure Switzerland is an investment group of the Credit Suisse Investment Foundation (“CSA”) that invests exclusively in Swiss energy infrastructure. The focus is on investments in the capital intensive area of existing energy infrastructure. Furthermore, CSA Energy Infrastructure Switzerland is engaged in new-build projects which have received the necessary permissions. CSA Energy Infrastructure Switzerland invests mainly in non-listed equity. Only pension funds domiciled in Switzerland are admitted as investors. CSA Energy Infrastructure Partners is currently invested in BKW Netzbeteiligungs AG, which owns a stake in Swissgrid AG, and Romande Energie Holding AG.

Fluxys
Fluxys, headquartered in Belgium, is an independent gas infrastructure company active in the European market. The company is a leading provider of gas transit, comprising transportation and storage of gas as well as the terminalling of liquid natural gas (“LNG”). In addition to pipeline, storage and liquid gas terminalling facilities in Belgium, Fluxys’ partnerships include the ownership of a LNG bunker vessel (under construction) with port of registry in Zeebrügge, the Interconnector and BBL pipelines connecting Britain with the European continent, the LNG terminal (under construction) in Dünkirchen, the NEL and TENP pipelines in Germany, the transitgas pipeline in Switzerland, the transport and storage infrastructure from Swedegas in Sweden and the TAP pipeline (under construction) from Turkey to Italy to transport gas from Azerbaijan and other potential sources to Europe.

Credit Suisse Energy Infrastructure Partners AG
Credit Suisse Energy Infrastructure Partners AG is an investment boutique within asset management of the Credit Suisse AG and acts as an investment manager for the investment group CSA Energy Infrastructure Switzerland. It is specialised in investments into the European energy sector. Its clients include large and mid-size pension funds and insurance companies, which seek investments in the respective asset class.

Credit Suisse AG
Credit Suisse AG is one of the world's leading financial services providers and is part of the Credit Suisse group of companies (referred to here as 'Credit Suisse'). As an integrated bank, Credit Suisse offers clients its combined expertise in the areas of private banking, investment banking and asset management. Credit Suisse provides advisory services, comprehensive solutions and innovative products to companies, institutional clients and high net worth private clients globally, as well as to retail clients in Switzerland. Credit Suisse is headquartered in Zurich and operates in over 50 countries worldwide. The group employs approximately 47,760 people. The registered shares (CSGN) of Credit Suisse's parent company, Credit Suisse Group AG, are listed in Switzerland and, in the form of American Depositary Shares (CS), in New York. Further information about Credit Suisse can be found at www.credit-suisse.com.

Disclaimer
This document was produced by and the opinions expressed are those of Credit Suisse as of the date of writing and are subject to change. It has been prepared solely for information purposes and for the use of the recipient. It does not constitute an offer or an invitation by or on behalf of Credit Suisse to any person to buy or sell any security. Any reference to past performance is not necessarily a guide to the future. The information and analysis contained in this publication have been compiled or arrived at from sources believed to be reliable but Credit Suisse does not make any representation as to their accuracy or completeness and does not accept liability for any loss arising from the use hereof.

Credit Suisse Investment Foundation, Zurich, is the issuer and manager of CSA products. Credit Suisse AG, Zurich, is the custodian bank. The articles of incorporation, regulations and investment guidelines, as well as the most up-to-date annual report and fact sheets, may be obtained free of charge from the Credit Suisse Investment Foundation. Only pension funds domiciled in Switzerland that are not subject to tax are permitted as direct investors.

Commodity investments are subject to greater fluctuations in value than normal investments and may lead to additional investment risks and derivatives or indices thereof are subject to particular risks and high volatility. The performance of such investments depends on unpredictable factors such as natural catastrophes, climate influences, hauling capacities, political unrest, seasonal fluctuations and strong influences of rolling-forward particularly in futures and indices.