Redexis Gas, one of the main companies dedicated to the transport and distribution of natural gas and LPG in Spain, announced on 20 June 2018 that ATP, USS and GT Fund, together with CNIC, have completed the acquisition of a stake in Redexis Gas from Goldman Sachs unit GSIP. Guoxin Guotong Fund LLP (GT Fund) and CNIC Corporation Limited (CNIC) are long-term financial investors with a mandate to invest in infrastructure assets worldwide. The acquisition of a 33.3% stake in Redexis Gas is an important step forward for the two funds in the European market.

The investment of GT Fund and CNIC is held via a joint venture company, with 51% owned by GT Fund and 49% by CNIC. Vantage Infrastructure, formerly known as Hastings Funds Management, has been mandated to manage their stake. Danish pension fund Arbejdsmarkedets Tillægspension (ATP) and the UK based Universities Superannuation Scheme (USS) have a number of long-term investments in infrastructure companies. They have both been investors in Redexis Gas along with GSIP since 2010, initially as indirect investors, and since 2017 as direct owners of 49.9% in aggregate of Redexis Gas. Now that the sale of the 50.1% stake by GSIP has been completed, ATP, USS and GT Fund/CNIC will each own 33.3% of Redexis Gas. GSIP will no longer have an interest in the company.

Fernando Bergasa, CEO of Redexis Gas, said that since GSIP's acquisition of Redexis Gas from Endesa in 2010, the company's Ebitda has grown more than 2.5x, while it has invested more than Euro 1.1 billion in developing gas transmission and distribution networks in 10 Spanish regions. Redexis Gas is now looking forward to the start of a new phase of long-term growth based on its investment plan, and is counting on the support of its current shareholders ATP and USS, as well as GT Fund and CNIC.

The transaction was announced in early April 2018 and required approval from the Comisión Nacional de los Mercados y la Competencia (CNMC). Citigroup Global Markets Limited and Goldman Sachs International acted as financial advisors to GSIP, and Evercore as financial advisor to GT Fund and CNIC.