Allianz and Borealis Infrastructure are pleased to confirm that the previously announced acquisition of NET4GAS, s.r.o. by their joint venture holding company completed on August 2, 2013.
Allianz and Borealis Infrastructure, the infrastructure investment arm of the Ontario Municipal Employees Retirement System (OMERS), will each own a 50 percent stake in NET4GAS.
NET4GAS owns and operates a network of more than 3,600 km of high-pressure pipelines that both supply the Czech domestic market and transit natural gas through the Czech Republic to markets across Europe. NET4GAS is a provider of key infrastructure for the transport of gas in Europe, transporting approximately 35 billion cubic meters of gas each year.
"Borealis is very pleased to have completed its first investment in the Czech Republic. NET4GAS strongly augments our existing holdings in the energy and transportation sectors in the U.K. and Europe. This investment directly fits with our strategy of acquiring, owning and managing large-scale, stable infrastructure assets over the long term," said Michael Rolland, President and CEO of Borealis Infrastructure.
"NET4GAS is of great importance to the Czech Republic and to Allianz's infrastructure portfolio. We look forward to working together with all relevant stakeholders in the implementation of our strategy to strengthen security of supply and develop a liquid gas market in Central and Eastern Europe with NET4GAS at its core," said Jaroslava Korpanec, Managing Director of Allianz Capital Partners.
