Institutional Infrastructure Investors Advised by J.P. Morgan Asset Management to Acquire Stake in North Sea Midstream Partners Limited from Wren House

17th December 2018

Institutional infrastructure investors advised by J.P. Morgan Asset Management (“Infrastructure Investors”), and Wren House Infrastructure Management (“Wren House”), the London-based global infrastructure investor, have signed an agreement for the sale and purchase of a 43.1% interest in North Sea Midstream Partners (“NSMP”), the largest independent North Sea midstream business.

Hakim Drissi Kaitouni, the Managing Director of Wren House said:

“Wren House is delighted to welcome the Infrastructure Investors as partners in this business. Combining NSMP’s best-in-class service with Wren House and the Infrastructure Investors’ financial strength and commitment to operational excellence will be the catalyst for further development of the Company’s midstream infrastructure. TOTAL’s recent major gas discovery of a Glendronach prospect, which is expected to be developed in 2019, showcases the thesis of NSMP’s promising catchment areas in terms of exploration and future developments.” 

Matt LeBlanc, Managing Director, J.P. Morgan Asset Management said:

“We are delighted to partner with long-term investor Wren House and the world class NSMP management team during the next phase of the company’s growth. As the owner and operator of critical U.K. infrastructure, NSMP is a terrific addition to the overall global infrastructure investment portfolio which delivers sustainable, risk-adjusted returns to our investors, which comprise over 25 million family pension schemes, of which over 10 million are in the U.K” 

Andy Heppel, NSMP’s CEO said:

“We look forward to working with both Wren House and Infrastructure Investors, in continuing to grow our business and in providing essential gas transportation and processing services to all our customers”  

The transaction is expected to complete in early 2019, following the receipt of customary merger clearance. Terms of the transaction have not been disclosed.

Macquarie Capital acted as exclusive financial adviser to Wren House and Slaughter & May acted as its legal adviser. Rothschild & Co acted as exclusive financial adviser to the Infrastructure Investors and Clifford Chance acted as legal adviser.