The FINANCIAL -- A consortium including Allianz completed the acquisition of a 24.1 percent stake in Gassled from Norwegian Statoil ASA on January 31. According to Allianz research the total value of the transaction was 17.35 billion NOK, as previously asnnounced on June 6, 2011.

The stake was acquired through Solveig Gas Norway AS, a holding company that is approximately 40 percent owned by Canada Pension Plan Investment Board, 30 percent by the Allianz alternative asset investor Allianz Capital Partners and 30 percent by Infinity Investments SA, a wholly owned subsidiary of the Abu Dhabi Investment Authority.  On January 24, Allianz, acting through Allianz Capital Partners, also completed the acquisition of a 6.4 percent stake in Gassled. The total value of this transaction was 4.64 billion NOK, as previously announced on June 8, 2011.

Gassled is an unincorporated joint venture which owns the majority of the offshore gas infrasstructure which transports Norwegian gas by pipelines from the producing fields to consumers on the European continent and United Kingdom. It provides transportation services with third party access on a non-discriminatory basis to producers on the Norwegian Continental Shelf. The Gassled owners derive revenues from shippers who have booked transportation capacity on a "ship or pay" basis. The transportation tariffs are regulated by the Norwegian Ministry of Petroleum and Energy.

Allianz is focused on infrastructure investments with primary investment targets being energy and gas grids, railroads and other transportation networks. 

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