MET Magyarország to buy gas trade business

History

GDF Suez Energia Holding Hungary is selling its gas trade business to MET Magyarország, the parties said in a joint statement today, but declined to reveal the price of the transaction following a query by Hungarian news agency MTI.

The Hungarian Competition Office (GVH) is required to approve the deal before it can be realized.

The parties said that GDF group will continue to provide energy services on Hungary's regulated retail market and operate as a gas distributor in six counties.

MET Magyarország earlier acquired the retail electricity business of GDF Suez Energia Holding Hungary.

MET Magyarország is 40% owned by Hungarian oil and gas company MOL, 50% by Cyprus-based WISD Holding Ltd. and 10% by Swiss-based MET ManCo AG.

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