Régaz is the regulated gas distribution network of the City of Bordeaux and 45 other neighbouring municipalities. Gas distribution in France is regulated by the Commission de regulation de l’Energie (CRE) under a standard WACC-based RAB regime. With a network of 3,315 km and 210,000 points of delivery, Régaz is the French largest independent gas distribution company.

For this operation, InfraVia has been advised by Natixis bank (M&A) and by Bird & Bird (legal). Société Générale Insurance has been advised by Schroders and DC Advisory (M&A) and by Orrick Herrington & Suttcliffe (legal).

This operation is part of the investment strategy of Société Générale Insurance, which targets, as part of its diversification strategy, to favour local economic development and infrastructure development in France and in Europe.