Snam-Allianz Consortium Wins Bid for 49% of Gas Connect Austria
Italian gas grid company Snam said on Thursday its bid with Allianz to buy a 49 percent stake in pipeline company Gas Connect Austria had been successful, confirming what sources previously told Reuters.
Snam and Allianz will pay a total of 601 million euros ($675 million) to buy the stake from owner OMV, Austria's leading oil and gas group, Snam said.
Allianz and Snam will hold 60 percent and 40 percent, respectively, of the vehicle that will be used to buy the stake, Snam said.
The deal is expected to close by the end of the year.
(Reporting by Stephen Jewkes and Arno Schuetze)
