Baltic, Business, Energy, Energy Market, Estonia, Gas, Good for Business, Markets and Companies

International Internet Magazine. Baltic States news & analytics Wednesday, 22.05.2019, 22:13

Elering acquires Gazprom’s 37 % stake in Estonian gas transmission network

BC, Tallinn, 19.06.2015.Print version
Estonian state-owned main grid company Elering announced that it signed an agreement on June 19, 2015, to acquire Gazprom’s 37 % stake in a holding company AS Võrguteenus Valdus which holds 100 % of Estonian gas TSO’s shares, writes LETA.

The acquisition will be completed on June 22. Elering  will acquire 37 % stake for 19.9 mln. euros.

"Our goal is to increase holding to 100 % and the transaction brings Elering  one step closer to that goal,“ Taavi Veskimägi, Elering  CEO said.

Majority shares of AS Võrguteenus Valdus were acquired by Elering earlier this year. In June, Elering acquired part of shares held by other minority shareholders. All the shares were obtained at the same price. After described acquisitions Elering holds 89 % of AS Võrguteenus Valdus share capital.

Elering s final goal is to become the sole owner of the transmission network and bring management of the electricity and gas networks together in one company.

Search site