Fluxys has agreed to acquire from Macquarie Asset Management its c. 24% stake in Open Grid Europe (“OGE”), the largest transmission system operator in Germany. The acquisition fits perfectly with Fluxys’ strategy to be the essential infrastructure partner for speeding up the energy transition.
Fluxys and OGE are frontrunners in decarbonisation solutions and as such are actively developing hydrogen and CO2 infrastructure connecting into hydrogen import and CO2 export projects. They also have demonstrated their commitment to ensure security of supply in the current market environment. In the context of security of supply, Fluxys is an essential partner for securing the German markets through the East-West corridor in Belgium, which is being reinforced and in a next stage can switch to hydrogen flows.
Fluxys and OGE’s infrastructure and decarbonisation projects are highly complementary, translating into an excellent cooperation between OGE and Fluxys’ subsidiaries in Belgium, Germany and Switzerland. This holds the prospect for Germany to create additional hydrogen import and CO2 export routes through Belgium.
Pascal De Buck, CEO of Fluxys: "Fluxys’ acquisition of a stake in OGE is a perfect strategic fit. We are excited to join forces with the co-shareholders and support OGE’s forward-looking approach to make the energy transition happen. Fostering an even more robust cooperation between our subsidiaries and OGE paves the way to further strengthen security of supply and accelerate the development of cross-border hydrogen and CO2 infrastructure and scale-up decarbonisation options for society."
Dr. Jörg Bergmann, CEO of OGE: "We look forward to Fluxys becoming OGE’s new shareholder. For a successful European energy transition, cross border co-operations are an essential pillar. This acquisition of Macquarie’s shares will further strengthen the good and reliable cooperation between Fluxys and OGE."
Through the agreement with Macquarie Asset Management Fluxys is to acquire Macquarie European Infrastructure Fund 4's 23.6 % stake in OGE, alongside a 0.5 % stake owned by Halifax Regional Municipality Master Trust. Terms of the transaction have not been disclosed. Closing is expected by the end of March 2023 upon approval of the relevant regulatory authorities and other customary closing conditions.
