"The company informs that the closing of the transaction will not take place as the current shareholders of BBL have exercised their right of first refusal," Enagas said in a statement released on Wednesday.

The price of the transaction, which was announced on January 16, was 75 million euros ($80 million).

BBL operates a 235-kilometre pipeline between Netherlands and Britain with an hourly capacity of 20,600,000 kilowatt hours.

Dutch grid operator Gasunie owns a 60% stake while Belgium's Fluxys and Uniper each hold 20%.

The sale of the stake in BBL is part of a package of remedies required by the European Commission in exchange for approving Germany's bailout and nationalisation of Uniper agreed late last year.

($1 = 0.9347 euros)

(Reporting by Matteo Allievi; editing by Inti Landauro and Jason Neely)