Főgáz acquires Hungarian subsidiary of GDF Suez

Energy Trade

State-owned gas distributor Főgáz signed an agreement with GDF International to buy GDF Suez Energia Magyarország; the deal could be wound up in the autumn following regulatory approval, the First National Utilities Company (ENKSZ), state news agency MTI  reported today.

Főgáz will acquire the entire business of GDF Suez Magyarország, including all of its technical systems and infrastructure.

Főgáz will reportedly finance the acquisition from partly internal and partly external funds. The buyout price has not yet been announced.

Főgáz is the bridgehead onto the gas market for ENKSZ, which was recently established by the state to act as an efficient, predictable and cheap utilities provider, MTI reports.

Főgáz recently won the right to take over the retail customers of the local gas unit of Germanyʼs E.ON, of GDF Suez and of regional gas distributor Tigaz.

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