Gingko Tree Investment/PGGM/EDF €1.25 billion acquisition of Madrileña Red de Gas

Overview:

• A consortium comprising of Gingko Tree Investment, PGGM and EDF has acquired gas distribution company Madrileña Red de Gas—owned by a subsidiary of Morgan Stanley and other co-investors—for €1.25 billion. 
• The acquisition was implemented through a condensed auction process where the consortium competed with another two groups of investors: one led by CCPIB, in alliance with Allianz and Abu Dhabi Investment Authority and the other comprised by PSP Investment and Arcus Infrastructure.
• The transaction involved a competitive auction, necessary corporate governance arrangements among the three members of the consortium, and speed to complete the deal.

Adam Majeed - Regional editor