Swiss-based asset manager Partners Group will purchase CapeOmega from HitecVision for a total consideration of €1.2bn (US$1.35bn). CapeOmega is a partner in the Norwegian pipeline operator Gassled and the agreement will reduce HitecVision's stake in Gassled to 25.6% from the previous 41.9%. It is subject to regulatory approvals and needs to be cleared by the Norwegian Ministry of Petroleum and Energy (MPE), which has set an ownership threshold for companies owning stakes in major gas infrastructure joint ventures.
Gassled's system is an upstream gas pipeline network located on the Norwegian Continental Shelf (NCS) that links Norway to the United Kingdom and Continental Europe. The Norwegian government decided to cut gas transportation tariffs by 90% shortly after Solveig Gas, Silex Gas, Infragas and CapeOmega acquired a combined 48.2% stake in Gassled from ExxonMobil, Total, Statoil and Royal Dutch Shell in 2011 and 2012. The new shareholders thus decided to contest that decision in courts. The tariff change was meant to strengthen the incentives for the exploration and development of marginal fields but also significantly reduced Gassled's income (by an estimated US$2bn until 2028). In June 2018, the Norwegian Supreme Court ruled in favour of the government and rejected an appeal over Gassled natural gas transportation tariff reduction, the third ruling in a row in favour of the Norwegian State after the District Court of Oslo and the Appeals court.