Allianz has reached an agreement with E.ON to purchase a 30 percent stake in E.ON Distribuţie România, an electricity and gas distribution network operator in the northern part of Romania.
E.ON Distribuţie România owns and operates a gas distribution pipeline system of over 20,000 km as well as an electricity distribution grid of over 80,000 km serving about 3 million customers. It is a core infrastructure asset in Romania operating under a well-established regulatory framework.
Post the transaction E.ON will hold 56.5 percent of E.ON Distribuţie România while the Romanian Ministry of Energy will continue to hold the remaining 13.5 percent. Christian Fingerle, Chief Investment Officer responsible for infrastructure investments at Allianz Capital Partners, said:
"Romania is a promising European growth market. With this investment we continue to substantially grow and further diversify our portfolio of high-quality infrastructure assets. It fits well with Allianz’s investment strategy as a long-term investor. We are delighted to partner with E.ON again and also with the Romanian Ministry of Energy in this business and we look forward to helping ensure its continued success."
The transaction is expected to be completed by the end of the year.