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Snam-Allianz Consortium Wins Bid for 49% of Gas Connect Austria

Source: Reuters 9/22/2016, Location: Europe

Italian gas grid company Snam said its bid with Allianz to buy a 49 percent stake in pipeline company Gas Connect Austria had been successful, confirming what sources previously told Reuters.

Snam and Allianz will pay a total of 601 million euros ($675 million) to buy the stake from owner OMV, Austria's leading oil and gas group, Snam said.

Allianz and Snam will hold 60 percent and 40 percent, respectively, of the vehicle that will be used to buy the stake, Snam said.

The deal is expected to close by the end of the year.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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