The European Diversified Infrastructure Fund II (EDIF II), managed by First State Investments (First State), has agreed to acquire Swedish gas transmission system operator, Swedegas from the Spanish and Belgian utilities Enagás and Fluxys.

Swedegas is the owner and operator of the sole gas transmission network in Sweden. Through a 600km pipeline network, it supplies 33 municipalities, several combined heat and power plants and industrial customers with gas. It aims to ensure that 30% of the gas in its network is renewable by 2030, and 100% by 2050.

The closing of the transaction is subject to approval from the Swedish Competition Authority. It is EDIF II's second acquisition in the Swedish gas network sector, having acquired the country’s largest gas distribution system operator in April 2018.