The largest gas distributor in the Czech Republic, GasNet, has been put up for sale due to the repercussions of the conflict in Ukraine and the associated energy crisis.
GasNet supplies natural gas to households and businesses across the Czech Republic, excluding Prague and the South Bohemian Region, managing a network of 65,000 kilometers of pipelines and serving over 2.3 million customers.
According to reports from Hospodářské noviny (HN), the sale process is being initiated by a consortium of investors led by Macquarie Asset Management (MAM). The company’s valuation is estimated to be in the billions of Czech crowns.
HN states that the sale process will be coordinated from London, where the consortium of investors, including Australian company MAM, British Columbia Investment Management Corporation, and Allianz Capital Partners, is based. All parties involved have declined to comment on the sale.
As GasNet is considered a strategic asset, the government will closely monitor the outcome of the transaction, as the sale of such assets requires approval under the Foreign Investment Control Act, as noted by the newspaper.
GasNet’s net profit decreased by 35% to 1.89 billion Czech crowns last year, and the company’s revenue also dropped by 7% to 14.4 billion Czech crowns compared to the previous year. GasNet acknowledges that the consequences of the conflict in Ukraine and the associated energy crisis have had a significant impact on its financial performance.