Allianz to invest in Portuguese gas distributor Galp Gás Natural Distribuição

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Today, Allianz Capital Partners on behalf of Allianz insurance companies (“Allianz”) and the Allianz European Infrastructure Fund has signed an agreement to purchase from Galp Energía S.A. (“Galp”) a 75 percent stake in Galp Gás Natural Distribuição (“GGND”). 

GGND is a regulated distribution network with a length of over 13,000 km that is serving c.1.1 million households, including the country's capital of Lisbon. GGND's network is one of the most modern distribution networks in Europe. 

allianz Galp gas Natural Distribuicao
Copyright: Galp

Almost 95 percent of GGND's network consists of low-pressure polyethylene (“PE”) pipes, which can be utilized for distribution of hydrogen, synthetic natural gas or biomethane. 

Furthermore, these PE pipes provide for an extended service life as well as lower maintenance costs and leakage rates.

Christian Fingerle, Chief Investment Officer at ACP, says: "We are pleased to be investing in GGND, which is our first direct infrastructure investment in Portugal. We look forward to supporting jointly with GGND and our partners this critical infrastructure which contributes to the decarbonization plan of the Portuguese economy and can become an important enabler for the energy transition towards renewable gases while delivering long-term, risk adjusted returns for our insurance customers and investors."

The transaction is subject to regulatory approvals and is expected to close in Q1 2021. 

About Allianz Capital Partners

Allianz Capital Partners is one of Allianz Group's asset managers for alternative equity investments and is part of Allianz Global Investors. With offices in Munich, London, Luxembourg, New York and Singapore, Allianz Capital Partners manages more than 34 billion euros of alternative assets on behalf of Allianz Group and institutional investors.*

Our investment focus is on private equity, infrastructure and renewable energy. Our investment strategy is targeted to generate attractive, long-term and stable returns for our clients. 

* Data as at June 30, 2020

About Allianz Global Investors

Allianz Global Investors is a leading active asset manager with 760 investment professionals in 25 offices worldwide and managing 538 billion euros in assets for individuals, families and institutions*.

Active is the most important word in our vocabulary. Active is how we create and share value with clients. We believe in solving, not selling, and in adding value beyond pure economic gain. We invest for the long term, employing our innovative investment expertise and global resources. Our goal is to ensure a superior experience for our clients, wherever they are based and whatever their investment needs.

Active is: Allianz Global Investors

* Data as at June 30, 2020 

The Allianz Group is one of the world's leading insurers and asset managers with more than 100 million retail and corporate customers in more than 70 countries. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance. Allianz is one of the world’s largest investors, managing around 774 billion euros on behalf of its insurance customers. Furthermore, our asset managers PIMCO and Allianz Global Investors manage 1.7 trillion euros of third-party assets. Thanks to our systematic integration of ecological and social criteria in our business processes and investment decisions, we hold the leading position for insurers in the Dow Jones Sustainability Index. In 2019, over 147,000 employees achieved total revenues of 142 billion euros and an operating profit of 11.9 billion euros for the group.

These assessments are, as always, subject to the disclaimer provided below.

Press contacts

Pia Gröger
Allianz Capital Partners
As with all content published on this site, these statements are subject to our cautionary note regarding forward-looking statements:
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Allianz to invest in Portuguese gas distributor Galp Gás Natural Distribuição

Allianz Capital Partners on behalf of Allianz insurance companies and the Allianz European Infrastructure Fund has signed an agreement to purchase from Galp Energía S.A. a 75 percent stake in Galp Gás Natural Distribuição.

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