TAQA completes acquisition of DSM Energy
The Abu Dhabi National Energy Company PJSC (TAQA) today announced that its wholly owned subsidiary, TAQA Energy B.V. (TAQA Energy), has completed its EUR 285 million acquisition of 100% of the share capital of DSM Energie Holding B.V. (DSM Energy) from Netherlands based Life Sciences and Materials Sciences company Royal DSM N.V.
The sale includes non-operated interests in the pipeline company Noordgastransport B.V. (NGT), three other pipelines and 20 producing oil and gas fields in the Dutch North Sea.
The assets will strengthen TAQA’s midstream position in Europe and provide additional daily production of approximately 5,000 barrels of oil equivalent (boe) (2008 average) of which 85% is natural gas.
The enterprise value of the transaction as of 1 January 2009 is EUR 285 million. Most of the value is assigned to interests in the midstream assets.
Commenting on the announcement, Paul van Gelder, TAQA Energy Managing Director, stated: "Increasing our midstream operations, alongside our European footprint, is a key objective for TAQA’s development into a global energy company. This acquisition meets both of these criteria. Not only does it bring a new family of attractive assets, but it also provides TAQA Energy with excellent commercial opportunities and access to key relationships that will help develop our position as a pan-European midstream player."
The DSM Energy assets have been incorporated into TAQA Energy with immediate effect.