Versicherungskammer Bayern to acquire Ferngas Group from First Sentier Investors for €720m.

Versicherungskammer Bayern, a Germany-based public insurer, agreed to acquire Ferngas Group, a Germany-based operator of a gas supply network, from First Sentier Investors, an investment firm with a focus on preserving capital and performance through market cycles, for €720m ($845m). The transaction is expected to close in the second quarter of 2021 and has yet to be approved by the antitrust authorities. "For the past eight years, Ferngas has supplied customers in the regions in which it operates reliably and sustainably under our ownership. The group has continuously improved its operational processes and made significant investments that advance the energy transition. Ferngas recently launched several hydrogen initiatives and will continue to do so in the future. We are very pleased that Ferngas will in future make a significant contribution to the energy transition in Germany with the Versicherungskammer group as the new owner, " Gregor Kurth, First Sentier Partner.