Igneo Infrastructure Partners to acquire Nowega
Igneo has entered into a binding agreement to acquire 100% of Nowega, a gas transmission system operator in Germany, from Erdgas Münster GmbH.
All Press releases10 November 2026, London and Münster: Igneo Infrastructure Partners (“Igneo”), a global infrastructure manager with €30.5 billion* of assets under management, has entered into a binding agreement to acquire 100% of Nowega, a gas transmission system operator (“TSO”) in Germany, from Erdgas Münster GmbH ("EGM").
This is the second acquisition to be made from Igneo’s European Diversified Infrastructure Fund IV, which continues the firm’s proven strategy of investing in high-quality, mid-market European businesses across energy, waste and water, transport and digital infrastructure.
Headquartered in Münster, Germany, Nowega is a mid-sized gas TSO, which owns and operates approximately 1,500 kilometres of high-pressure pipelines across Lower Saxony and North Rhine-Westphalia. Its network transports natural gas and hydrogen to industrial customers, utilities, and distribution networks and forms part of Germany's national gas transmission system. The business is strategically located close to major industrial demand centres and north Germany's key hydrogen production and import clusters.
The transaction is expected to complete in Q1 20272, with Igneo becoming the sole shareholder.
EGM was advised by ABN AMRO and CASE CASSIOPEA as exclusive M&A advisors, and by White & Case as legal advisor.
Gregor Kurth, Partner at Igneo, said: “Nowega represents a compelling opportunity to invest in critical regulated infrastructure with an important role to play in Germany’s evolving energy system. We have significant experience investing in this sector and a strong understanding of the German market, so are both well-placed and excited to partner with the management team to support the continued development of the business.”
Frank Heunemann, Managing Director of Nowega, added: “We look forward to working with Igneo as our future shareholder. Our focus remains on consistently advancing our contribution to Germany’s energy transition, particularly through the development of hydrogen and biomethane infrastructure. At the same time, our customers can continue to rely on Nowega as a trusted partner, with the same commitment to quality, reliability and service.”
Stephan Dietzmann, Managing Director of Erdgas Münster, commented: “Nowega has developed into a strong and reliable infrastructure company over many years. We are pleased to have found a prospective new shareholder in Igneo that shares our confidence in Nowega’s future potential. We would like to thank the entire Nowega team for their commitment and look forward to seeing the company continue its successful development.”
About Igneo Infrastructure Partners
For more than 30 years, Igneo Infrastructure Partners (Igneo) has invested in essential infrastructure businesses across the energy, waste and water, transport, and digital infrastructure sectors. It specialises in the mid-market, where its expertise, experience and active ownership can have the greatest impact, creating long-term value.
Managing approximately €30.5 billion1 on behalf of clients globally, it invests directly in assets across Europe, North America, Australia and New Zealand that it believes can generate resilient, attractive returns. A partnership-driven approach, combined with disciplined execution, underpins Igneo's long-standing track record of delivering for its clients.
Igneo is an autonomous investment affiliate within First Sentier Group.
About Nowega
Nowega is a transmission system operator headquartered in Münster. The company operates, maintains and markets a total of 1,500 kilometres of high-pressure gas pipelines with approximately 150 employees. The pipeline network extends from the Dutch border across Lower Saxony and parts of North Rhine-Westphalia to the Wendland region and forms part of the intra-European transport routes for natural gas.
1 As at 30 September 2026.
2 Subject to customary approvals.
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This press release is intended for information only, aimed solely at the media and should not be further distributed to individual and/or corporate investors, and financial advisers and/or distributors. The information included within this document and any supplemental documentation provided should not be copied, reproduced or redistributed without the prior written consent of First Sentier Group.
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In the UK, this document is issued by First Sentier Investors International IM Limited which is authorised and regulated in the UK by the Financial Conduct Authority (registration number 122512). Registered office 23 St. Andrew Square, Edinburgh, EH2 1BB number SC079063. Igneo Infrastructure Partners is a UK trading name of First Sentier Investors International IM Limited. In the EEA, issued by First Sentier Investors (Ireland) Limited which is authorised and regulated in Ireland by the Central Bank of Ireland (registered number C182306). Registered office: 70 Sir John Rogerson's Quay, Dublin 2, Ireland number 629188. Outside the UK and EEA, where this document may lawfully be issued, issued by First Sentier Investors International IM Limited, authorised and regulated in the UK by the Financial Conduct Authority (FCA ref no. 122512; Registered office: 23 St. Andrew Square, Edinburgh, EH2 1BB; Company no. SC079063).
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