Essen, Germany, 23-12-2013 — /EuropaWire/ — MVM Hungarian Electricity Private Limited Company and RWE Gas International B.V. signed an agreement today governing the acquisition of RWE’s 49.83% stake in FOGÁZ for a purchase price of HUF 41 bn. Closing of the transaction is expected for the first half of 2014 following necessary approvals from relevant authorities and the co-owner, the Municipality of Budapest.
FOGÁZ operates a 5800 km long gas network being in a well maintained condition and provides universal service, distributing over two billion cubic meters of natural gas per annum in the capital and 10 counties of Hungary to more than 820 thousand customers including industrial consumers and households thus securing the gas supply for more than 2 million citizens. FOGÁZ has more than one thousand employees and its key account customers include the district heating companies in Budapest.
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