Allianz Group has announced on Friday the concluding of a deal between Allianz Capital Partners and E.ON Group to acquire a 30% stake in E.ON Distributie Romania, the network operator for electricity and natural gas distribution, covering the counties in northern Romania. Following the transaction, E.ON will own 56.5% of E.ON Distributie Romania and the Energy Ministry will continue to own the remaining 13.5%, Allianz informs in a press release, according to hotnews.ro.
“Romania is a European market having potential. Through this investment, we will continue to substantially develop and diversify our asset portfolio of high quality infrastructure. This measure is consistent with the Allianz investment strategy as a long-term investor,” Christian Fingerle, Investment Director responsible for infrastructure investments with Allianz Capital Partners has said.
“We are pleased to partner with E.ON and also with the Ministry of Energy and we look forward to contribute to the success of the business,” the statement reads.
The Ministry of Energy has informed in a release: “We cannot comment on private transactions, but it is clear that the energy market in Romania is strong and attractive, and the entry of large funds in this sector ahead of other sectors is proof of confidence in the policies of the sector and in Romania in general.”
The deal is expected to be concluded by the end of this year.
E.ON entered Romania in 2005, when it took over former state owned natural gas and electricity companies. The companies in the E.ON group structure currently operate a natural gas distribution network in length of 21,400 kilometres and an electricity distribution network of over 81,000 km and supply 20 counties located in the northern half of the country, with approximately 3.1 million customers.
Allianz Capital Partners is the investment division of the German group Allianz. With offices in Munich, London, New York and Singapore, Allianz Capital Partners manages assets of over EUR 16 billion in infrastructure, renewable energy and investment funds.