Uniper Sells 20% Opal Pipeline Stake to Hy24 Hydrogen Fund Amid Asset Disposals
Uniper's Opal Pipeline Stake Sale: Key Details and Implications
Background of the Sale
FRANKFURT, Sept 14 (Reuters) - Germany's Uniper on Monday said it had agreed to sell its 20% stake in gas pipeline Opal, one of Europe's largest transmission corridors, bringing it closer to completing asset disposals demanded by Brussels in exchange for approving the utility's state bailout in 2022.
Transaction Details
Buyer and Conditions
The sale of the stake to Hy24 - a joint venture between private equity fund Ardian and asset manager FiveT Hydrogen - depends on regulatory clearance and non-execution of a pre-emption right by Opal's co-owner Gascade, owned by SEFE.
Financial Terms
• No financial details were disclosed.
Future Asset Disposals
Remaining Obligations
• The sale of Opal leaves Uniper with only two asset disposals it needs to deliver by end-2026: its helium business as well as its majority stake in Russian division Unipro, though the company has signalled the latter may not be possible.
Reporting Credits
(Reporting by Christoph Steitz, Editing by Miranda Murray)
