BAKU, Azerbaijan, November 27. Spanish energy company Enagás reported a net cash inflow of 826.4 million euros by the end of the first nine months of 2024, primarily driven by the divestment of its stake in U.S.-based Tallgrass Energy, Trend reports via the company.
The company finalized the sale of its stake in Tallgrass Energy to Blackstone on July 29, securing a total deal value of 1.1 billion dollars. In September, Enagás received 50 million dollars from the transaction, contingent upon Tallgrass Energy obtaining necessary administrative approvals.
An additional 95 million dollars from the sale is being held in escrow, pending a tax exemption certificate from the U.S. Internal Revenue Service (IRS). This certificate will confirm that Enagás Holding USA incurred a financial loss from the transaction, absolving it of any tax liability in the U.S. The certificate is expected to be issued within 6 to 12 months of the deal's closing.
For comparison, as of September 30, 2023, Enagás recorded a net cash outflow of 126.0 million euros, driven by transactions related to the sale of the Morelos gas pipeline, the Musel agreement with Reganosa, and the acquisition of Axpo’s stake in the Trans Adriatic Pipeline (TAP).
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