Prague, 29 April 2019
A Macquarie Infrastructure and Real Assets (MIRA) managed consortium of investors, which currently holds a 49.96 per cent stake in innogy Grid Holding (iGH), has exercised contractual pre-emption rights over the remaining 50.04 per cent stake currently owned by RWE. Upon completion, the consortium will own 100 per cent of iGH.
iGH is the owner of GasNet, a regulated gas distribution network in the Czech Republic, with 2.3 million connections and a network length of circa 65,000km.
Leigh Harrison, Head of MIRA Europe, Middle East and Africa, said: “GasNet provides an essential service within the Czech Republic’s energy sector. This investment represents an exciting opportunity for us to continue to support GasNet’s growth with long-term institutional capital. GasNet is a reliable and efficient network, and we are committed to ensuring it continues to meet the needs of its employees, customers, and the communities it serves.”
A MIRA-managed consortium of investors has been invested in iGH since 2013 and have previously increased their stake from 35.00 per cent to 49.96 per cent in 2015.The transaction is expected to reach financial close in the second half of 2019, subject to merger control proceedings.