Verbund to acquire a 51% stake in Gas Connect Austria from OMV for $318m.

Verbund, an Austrian electricity provider, agreed to acquire a 51% stake in Gas Connect Austria, a gas pipeline operator, from OMV, an integrated oil and gas company, for $318m. Closing is subject to regulatory approval and is expected in the first half of 2021. "In an increasingly volatile environment, this transaction strengthens our share in the regulated business and ensures stable earnings contributions. VERBUND operates the Austrian power transmission grid and is experienced in operating regulated infrastructure. As a bridging technology, gas will continue to play a key role on the path to a renewable energy system. The importance of the gas network will grow significantly in future as it will increasingly be used to transport green gases such as green hydrogen. In the long term, we see a global hydrogen economy, one in which large quantities of energy need to be transported internationally. This makes the purchase of Gas Connect Austria a key strategic step for VERBUND," Michael Strugl, VERBUND Deputy Chairman.