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National utilities co. buys regional gas distributor

Energy Trade

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Hungaryʼs state-owned NKM National Utilities Ltd. said on Tuesday it has signed a contract with ENGIE International Holdings B.V. (the former GDF Suez) under which it will buy 100% of regional gas distributor Égáz-Dégáz Földgázelosztó Zrt.

The transaction could be closed on approval by the various authorities, said NKM, formerly called ENKSZ. The contract affects 100% of the shares of the regional gas distributor, including its assets and knowledge base as well as its 23,125-kilometer gas distribution network, national news agency MTI reports.

The value of the deal could be disclosed once it is complete, NKM said, adding that it will finance the transaction from its own resources.

According to NKM, once the contract is fulfilled the southern part of Hungary will be the first area in the country where gas as well as electricity provision, including network infrastructure and customer service, will belong fully to the company.

Égáz-Dégáz has 500 employees and offers infrastructure for gas distribution for more than 775,000 retail and deregulated clients in the southeast and northwest parts of Hungary.

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