ČEZ Group has reached an agreement to acquire a 55.21% stake in the gas infrastructure operator GasNet

ČEZ Group announces the acquisition of a 55.21% stake in GasNet, the leading gas distribution infrastructure operator based in the Czech Republic. Natural gas, and later also hydrogen, will play a key role in the future development of the Czech economy. Through this acquisition, ČEZ Group is securing a strategic position in the transformation of the Czech heat generation industry and its transition away from coal-powered energy generation towards the natural gas and later hydrogen. The ownership stake being sold is currently managed by Macquarie Asset Management, acting on behalf of managed funds. The completion of the transaction is subject to approvals by the European Commission and the Czech Ministry of Industry and Trade.

The GasNet Group is managing a network of 65,000 km of gas pipelines and holds an approximately 80% share in the distribution of natural gas in the Czech Republic, serves approximately 2.3 million points of consumption, distributing 66 TWh of gas every year.  The completion of the transaction is subject to approval by the European Commission and the Czech Ministry of Industry and Trade.