Consortium of Italy’s gas infrastructure operator Snam and German insurer Allianz has signed an agreement with Austria-based integrated oil and gas company OMV for the sale and purchase of a 49% stake in Gas Connect Austria GmbH (GCA).
Gas Connect Austria operates a natural gas transmission network of around 900-km in Austria, including the interconnection at Austria's borders. The transit volume through Austria for 2015 amounted to 152 bcm. As a central hub in the European natural gas network, GCA makes a substantial contribution to the natural gas supply in Austria and other countries including Germany, France, Slovenia, Croatia and Hungary.
The acquisition will be completed through a jointly controlled vehicle 60% owned by Allianz and the remaining 40% by Snam. The transaction amounts to €601m. The closing of the transaction is expected by year-end and is conditional upon merger control clearance by German and Austrian authorities.