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Hungary buys back minority stake in Fõgáz

December 18, 2013

The Hungarian state struck a deal on buying out Germany utility RWE’s share in Fõgáz, the capital city’s gas distributor. The buyer is the Hungarian Electricity Works (MVM) and the subject of the transaction is RWE’s 49.83% stake in Fõgáz.

The National Asset Management company MNV has undertaken to provide the necessary resources for financing the deal worth HUF 41 billion (EUR 136 million). Due diligence is being undertaken by independent, internationally known experts.

With the transaction, MVM will take over more than 820,000 retail and corporate clients, that is more than two million people. A 50%-plus-one-share stake in Fõgaz will remain in the hands of the local council of Budapest.


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