Tigáz transaction completed successfully
Hungary’s largest natural gas distributor Tigáz is now owned by Switzerland-based MET Group, following the official closing of the purchase transaction. MET signed a Share Purchase Agreement with Italian ENI in December 2017 to purchase 98.99% of Tigáz Zrt’s registered capital.
Tigáz Zrt. holds 100% participation rights in Tigáz-DSO Földgázelosztó Kft., a gas distribution system operator in North-East Hungary. Tigáz-DSO distributes over 2 billion cubic metres of natural gas annually to 1.2 million customers in 1,094 municipalities. Its 33,000 km-long pipeline network represents 48% of the national grid.
The transaction was completed on 21 June 2018, and was cleared by, among other authorities, the Hungarian Competition Authority (GVH) and by the Hungarian Energy and Public Utility Regulatory Authority (MEKH).
Tigáz will continue to operate its gas distribution network and provide reliable, safe and innovative gas distribution services in a regulated environment. The change of ownership will not affect Tigáz’s operations. “Our experience in developing and operating assets grants a solid background for the professional operations of Tigaz as well,” assured Gábor Balázs Lehőcz, Chief Executive of Tigáz Zrt. and Tigáz DSO Kft. MET seeks to maintain high standards in industrial safety and in its gas distribution operations.
This new addition to MET’s asset portfolio also fits into the company’s growth strategy. “Advancing further along the value chain by investing in natural gas infrastructure was a coherent, logical decision. It will further stabilize the EBITDA generation of our Group,” MET Group owner and CEO Benjamin Lakatos was quoted as saying at the signing of the share purchase agreement.
What you should know about Tigáz
- Tigáz is the largest pipeline gas distribution system operator in Hungary. Its 33,000 km-long pipeline network is comparable with the length of the Equator (40,075 km).
- Tigáz’s gas distribution services are concentrated in the counties of Borsod-Abaúj-Zemplén, Hajdú-Bihar, Heves, Jász-Nagykun-Szolnok, Nógrád, Pest and Szabolcs-Szatmár-Bereg. The company provides gas distribution services in a number of municipalities located in the counties of Bács-Kiskun, Csongrád, Fejér and Komárom-Esztergom as well.
- Its gas distribution network comprises pipes made of modern materials, guaranteeing a long useful operating life and safe gas supplies for decades to come. At the same time, the company’s precise consumption metering system guarantees accurate billing.
- Tigáz, now part of MET Group, has been given a new logo, its design is based on the traditional logo of the purchased company.
About MET Group
Headquartered in Switzerland, MET Group is an integrated European energy company active in natural gas, power and oil markets. Through its subsidiaries, MET Group is present in 15 countries and is active on a total of 23 international trading hubs and on 28 national gas markets. MET has traded 35 BCM of natural gas in 2017 (European natural gas consumption in 2017 was 465 BCM). MET Group is owned by its managers and employees, CEO Benjamin Lakatos having a majority stake of more than 80%. The company’s workforce currently comprises a total of 32 nationalities.