The government said that the deal is necessary in order to comply with European Union regulations on separation of ownership.
Magyar Gáz Tranzit, is the project company for a gas interconnector between the country and Slovakia.
The state-owned MNV is acquiring the 49.98% stake from the Hungarian Electricity Works (MVM), also state-owned, along with a similarly sized stake held by MFB Invest, a unit of another state owned institute – the Hungarian Development Bank (MFB). The remaining shares of Magyar Gáz Tranzit are currently, and so far, owned by the local council of Hévíz in western Hungary.
A shareholders’ meeting of state-owned Hungarian Electricity Works (MVM) approved the sale of its 49.98% stake in Magyar Gáz Tranzit to the state assets manager for HUF 3.75bn on September 30.
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