E.on sells Hungary natural gas firms to MVM

3/28/2013

E.on sells Hungary natural gas firms to MVM

BY VERONIKA GULYAS

BUDAPEST -- MVM Zrt signed a deal to buy E.ON Hungarian natural gas units for $1.11 billion, the companies said in separate statements. The transaction includes a natural gas storage and E.ON's local natural gas trade company, and is set to close in the second half of 2013, following approval by authorities, MVM said. The purchase price includes debt, E.ON said.

The final purchase price is dependent on the level of gas reserves at the time of the transaction, MVM said.

Through its long term gas supply contracts, Hungary's long term natural gas supply agreement with Russia is of the highest importance, given the small European Union member's dependence on Russian gas for heating.

Dow Jones Newswires

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