Fulcrum Pipelines sell domestic gas assets for £6.3million
Sheffield’s Fulcrum Pipelines Limited have sold 31,000 gas connection assets to ES Pipelines Limited in a cash deal worth £6.3million.
The sale, approved by Ofgem, will expand ES Pipelines’ portfolio by around 10% and consolidates its position as a major independent gas transporter.
Martin Donnachie, chief executive Officer, said: “The sale represents another milestone for the business, and supports our focus on future growth. Moving forward Fulcrum will continue to pursue opportunities to add I&C assets to its portfolio as we believe their adoption is a unique differentiator for our core connections business and an important part of our growth strategy.”
Robert Wallace, managing director of ESP Utilities Group Limited said: “This move is in line with our strategy of growing our portfolio of domestic connections across Britain and further consolidates our position as one of the UK’s leading Independent Gas Transporters.”
Lawyers from national firm Bond Dickinson advised ES Pipelines Limited on the deal and Energy Projects partner, Charles Robson, said: “We are delighted to have advised ES Pipelines on this deal and to have played a part in bringing the transaction to a successful conclusion. The deal consolidates ES Pipelines as leader in its field and reflects our growing relationship with them.”
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