• Located and headquartered in Stockholm, Sweden, Värtan Gas AB (VGAB) is the capital’s independent and regulated gas Distribution System Operator (DSO) with a long history of supplying and distributing gas to the city’s inhabitants
  • The majority of volumes consist of renewable biogas – sourced primarily from the city’s wastewater facilities – and are distributed to a diverse customer base in and around Stockholm city
  • VGAB operates two business units:
    • Gasnätet Stockholm AB (GSAB), the regulated DSO which distributes gas through two networks (city gas and vehicle gas), totalling c.540km, supported by a 200-tonne storage terminal at Högdalen with 100MW of regasification capacity, along with another 40-tonne reserve storage facility at Frihamnen
    • Stockholm Gas AB (SGAB), currently the sole gas supplier on the GSAB network 
  • SDCL Energy Efficient Income Trust (SEEIT) are a listed company that invests exclusively in the energy efficiency sector. Sustainable Development Capital LLP is the fund manager of SEEIT


  • DC Advisory (DC) provided M&A advice to SEEIT throughout the acquisition process, including:
    • Process and bid strategy
    • Review and analysis of the business plan
    • Financial modelling and valuation
    • Coordination of due diligence advisers
    • Assisted on drafting Investment Committee materials; and
    • Advice on transaction documentation including the SPA.
  • Arjun Infrastructure Partners acted as a facilitator to the transaction 


  • In October 2020, SEEIT successfully acquired 100% of the share capital in VGAB
  • Following a complex process, DC was able to deliver a successful outcome for SEEIT, having led:
    • A bilateral acquisition process with a number of interim milestones prior to signing
    • A structured due diligence and valuation process
    • Multifaceted negotiations related to the transaction documentation
  • This transaction reinforces DC’s experience in the regulated sector, having previously advised on several similar transactions across Europe, and in Scandinavian countries