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Retail Supplier To Be Sold

August 7, 2018

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Copyright 2010-17 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com

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Linde Energy Services, Inc. (LESI), which acts as a retail supplier serving its own load in several states and also, "serves a limited number of non-affiliated customers," sought FERC approval of a sale under which it would ultimately fall under the ownership of a new unaffiliated third-party ("Bidder"), namely, MG Industries GmbH (or "MG Industries"), a newly created joint-venture company which, on completion of the Transaction, will be owned by Messer Group GmbH ("Messer") and by investment funds or vehicles including CVC Capital Partners Fund VII (collectively, "CVC Funds") advised by CVC Advisers (Deutschland) GmbH and/or its affiliates (together with CVC Capital Partners SICAV-FIS S.A. and its subsidiaries, "CVC")

"Under the proposed transaction at issue here, Linde AG seeks to divest a subsidiary known as Linde North America, Inc. ('Linde N.A.'), to an unaffiliated third-party (referred to herein as 'Bidder') ('Transaction'). Following an internal corporate reorganization process occurring in advance of the Transaction, Linde N.A. will hold ownership interests in certain indirect subsidiaries and joint ventures of Linde AG, including 100 percent, indirect ownership of LESI. Upon consummation of the Transaction, LESI's immediate parent company will not change, but LESI's ultimate parent company will change from Linde AG to Bidder," Linde Energy Services said in the application

Following the Transaction, Bidder will hold 100 percent of the ownership interest in Linde N.A., including Linde Energy Services, and Linde AG will no longer own, directly or indirectly, any interest in Linde Energy Services.

Linde Energy Services said that the transfer of control that is the focus of its FERC section 203 Application relates to a broader transaction in which LESI's ultimate parent, Linde AG, is merging with Praxair, Inc.

As a result, the Transaction is expected to close coincident with, or shortly after, the closing of the merger between Linde AG and Praxair, Inc. Depending on timing, it is possible that, technically speaking, control of LESI could change twice -- once as a result of the Linde AG and Praxair, Inc., merger and then again (to Bidder) as a result of the Transaction.

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