National utilities co. buys regional gas distributor
wikimedia commons
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.
Richter Shareholders Approve HUF 423/Share Dividend
Liz & Chain Rooftop Bar Debuts Sustainable Cocktails
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
