MET signs agreement with ENI to purchase TIGAZ ZRT
Switzerland-based MET Group has signed a Share Purchase Agreement with Italian ENI to purchase 98,99% of the registered capital and voting rights in TIGAZ Zrt.
TIGAZ Zrt. holds 100% participation rights in TIGAZ-DSO Földgázelosztó Kft., a distribution system operator company. It was established in 2007 for the distribution of natural gas in North-Eastern Hungary. It distributes over 2 billion cubic meters of natural gas every year via its 33 thousand km-long pipeline network (representing 48% of the national grid) to approximately 1.2 million customers in 1094 local municipalities.
The agreement was reached following a competitive tender.
Benjamin Lakatos, CEO of MET Group commented: “TIGAZ adds a new element to MET’s asset portfolio as part of its growth strategy. Advancing in the value chain to natural gas infrastructure investments is a natural next step for us.”
The transaction is expected to close in the second quarter of 2018, subject to the customary closing conditions – including the relevant regulatory approvals.
Eni is an Italian-based multinational Oil & Gas company and considered one of the global supermajors. It has operations in 73 countries and a market capitalization of US$55 billion as of June 30, 2017.
About MET Group
MET Group is a leader in the European energy marketing sector. Headquartered in Switzerland, MET is an active participant in the European natural gas, power and oil markets. MET is present in 15 countries through subsidiaries, 27 national gas markets and 19 international trading hubs.