Macquarie Asset Management and Belgium’s Fluxys on Friday said they have agreed the sale of Macquarie’s 23.6% share in leading German gas pipeline grid Open Grid Europe (OGE) to Fluxys.
Macquarie, which had held stakes in OGE since 2012, did not disclose financial details but said the transaction would probably close in March 2023, depending on approval by the authorities.
OGE is the owner and operator of a regulated natural gas transmission network across Germany and neighbouring European countries.
“Fluxys’ acquisition of a stake in OGE is a perfect strategic fit,” said the Chief Executive of Fluxys, Pascal De Buck in the joint statement of the two firms.
“We are excited to join forces with the co-shareholders and support OGE’s forward-looking approach to make the energy transition happen,” he added.
OGE is among the gas carriers preparing for the shift to renewables to complement Germany’s plan to produce, import and market clean hydrogen, derived from carbon-free wind and solar power, as a future energy source.
Macquarie in Oct. 2021 bought OGE sector peer Thyssengas, having already owned it between 2011 and 2016.