Allianz Capital Partners (ACP) on behalf of Allianz insurance companies has, in a consortium led by Macquarie Infrastructure and Real Assets (MIRA), reached an agreement to purchase a stake in GasNet.

MIRA, which currently holds a 49.96 per cent stake indirectly in GasNet, has exercised contractual pre-emption rights over the remaining 50.04 per cent stake currently owned by RWE. Upon completion, the consortium will own 100 per cent indirectly in GasNet.

GasNet is a regulated gas distribution network in the Czech Republic, with 2.3 million connections and a network length of circa 65,000km. GasNet’s distribution network covers 81 per cent of the Czech Republic, serving homes and businesses in all areas of the country except Prague and Southern Bohemia. The majority of the GasNet pipeline network consists of low pressure, local grid pipes constructed from polyethylene, which can be also directly utilized for distribution of green gas or hydrogen in the future.

Christian Fingerle, Chief Investment Officer at ACP, said: “We are very pleased to be investing with GasNet, which is our second direct investment in the Czech Republic and an excellent fit with Allianz’s strategy of investing long-term in high-quality core infrastructure. We look forward to working with GasNet’s management and our partners to support the development of a long-term sustainable gas strategy while delivering stable risk-adjusted returns for our customers.”

The transaction is expected to reach financial close in the second half of 2019, subject to the satisfaction of customary closing conditions and regulatory approvals.