M&AEnergy & RenewablesSIGNED
Petronor, Linde and 360 Gases Form ONA Bizkaia Joint Venture
Value
€30M
Acquirer
Petronor, Linde and 360 Gases (via ONA Bizkaia)
Target
ONA Bizkaia industrial venture
Petronor, Linde and 360 Gases are investing 30 million euros in a new industrial joint venture called ONA Bizkaia. The entity is participated in equal parts and will develop its activity within Petronor's current facilities in Muskiz.
✦ Meridian Analysis
Petronor, Linde and 360 Gases have signed a joint‑venture agreement to create ONABizkaia, an industrial entity that will be owned in equal thirds and will invest €30 million in a new air‑separation plant located inside Petronor’s existing complex in Muskiz. The transaction is structured as an equity‑based JV, with each party committing one‑third of the capital, and the plant is slated to start construction in the first half of 2027 and reach full operation by 2029, employing renewable electricity to minimise the carbon footprint of the gases produced.
Key items that remain undisclosed include the exact equity price or valuation applied to each partner’s contribution, the composition of any external financing, and the advisers supporting the transaction. Observers will watch for the completion of permitting processes, the final financing package and any potential expansion of the partner group before construction commences.
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