The MIRA-managed consortium, which currently has a stake of 49.96%, has exercised contractual pre-emption rights to acquire the remaining 50.04% stake in innogy Grid.
The Czech grid operator owns GasNet, a regulated gas distribution network in the country. GasNet has 2.3 million connections and a network length of around 65,000km.
MIRA Europe, Middle East and Africa head Leigh Harrison 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.”
Earlier this year, RWE acquired a majority stake in innogy Grid from innogy for an undisclosed price. As part of RWE’s transaction with E.ON, the latter agreed to buy the former’s stake in Czech grid operator within the scope of its planned acquisition of innogy.
However, the execution of the agreement between RWE and E.ON pertaining to innogy Grid resulted in a right of first refusal by the MIRA-managed consortium, in their role as co-shareholders in the Czech grid operator.
The MIRA-managed consortium will acquire the stake under the terms and conditions applicable if RWE sold the Czech grid business to E.ON or any other third party.
Closing of the deal will be based on merger control proceedings and the transfer of RWE’s stake in innogy to E.ON.
In March 2018, E.ON agreed to acquire innogy from RWE in a deal worth €43bn. Under the deal, RWE will transfer its 76.8% stake in innogy to E.ON via exchange of assets and businesses.
As part of the asset swap deal, E.ON will acquire the distribution and consumer solutions business and certain power generation assets of innogy.
Last month, the European Commission (EC) launched an in-depth investigation into E.ON’s proposed acquisition of innogy on the potential impact it could have on competition.
