OMV completes sale of a 49% stake in Gas Connect Austria
OMV, the international integrated oil and gas company based in Vienna, has completed the sale of a 49% minority stake in Gas Connect Austria GmbH (GCA) to the Consortium composed of Allianz, Europe’s largest insurer, and Snam, one of Europe’s leading gas infrastructure players. Allianz Capital Partners, the alternative asset manager of Allianz Group, led this investment on behalf of its Austrian and German insurance entities.
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| Photo Courtesy of OMV. |
The closing of the transaction follows the receipt of the merger control clearance by German and Austrian authorities on the deal. Following this transaction, OMV holds an interest of 51% in GCA.
“The sale of the minority stake in GCA supports the financial stability and cash flow of the OMV Group while retaining the majority holding in GCA,” OMV stated in a press release. “In addition, it advances OMV’s strategy to restructure the Downstream Gas assets and to reduce its investments in the regulated gas business. The transaction is a unique opportunity for Allianz and Snam to invest in a well-established gas transportation network and essential infrastructure delivering gas to the Austrian domestic market. Given its strategic Central European location GCA also fulfills an important transportation function for several other adjacent markets.”
GCA operates an approximately 900 km-long natural gas high-pressure pipeline grid in Austria and markets transportation capacity to meet domestic natural gas demand and support export to Europe.
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