Management buys out MET Group majority share
Benjámin Lakatos, the CEO of energy trader MET Group, has bought out his partners in the company to become majority owner. Lakatos had held a 24.7% stake in MET, according to data earlier available on the companyʼs website.
The majority of MET had been owned by Hungarian oil and gas company MOL, with 40%, while investors György Nagy and István Garancsi held 25.3% and 10%, respectively, national news agency MTI reported.
MET said on Wednesday that Lakatosʼs newly established company MET Capital Partners acquired the stakes of MOL and WISD Holding in MET. METʼs managers may acquire up to 20% in MET through MET ManCo, another stakeholder in the company, it added. ING Bank financed the transaction.
MET said it plans to draw in further capital to implement a growth strategy. Asked to comment on the transaction by MTI, MOL said that MET had grown into a successful multinational in the past eleven years and had proven a worthwhile investment. MOL noted that it had been strictly a financial investor in the company since 2009.
MET, based in Switzerland, trades about 8% of the gas consumed in continental Europe. Last year, it had revenues of EUR 7.59 billion, of which 8% was generated in Hungary.
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