Hungarian state-owned energy group MVM Zrt. signed a deal to buy German energy giant E.ON AG's (EOAN.XE) Hungarian natural gas units for EUR870 million ($1.11 billion), the companies said in separate statements Thursday.
Hungarian state-owned energy group MVM Zrt. signed a deal to buy German
energy giant E.ON AG's (EOAN.XE) Hungarian natural gas units for EUR870 million
($1.11 billion), the companies said in separate statements Thursday.
The transaction includes a natural gas storage and E.ON's local natural gas
trade company, and is set to close in the second half of 2013, following
approval by authorities, MVM said. The purchase price includes debt, E.ON said.
The final purchase price is dependent on the level of gas reserves at the time
of the transaction, MVM said.
Through its long-term gas supply contracts,
Hungary
's
long-term natural gas supply agreement with
Russia
is of
the highest importance, given the small European Union member's dependence on
Russian gas for heating.
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