FGSZ completes transaction to acquire MGT Ltd.
2019. 10. 10.
On October 10, 2019, FGSZ Ltd. became 100% owner of Hungarian Gas Transit Ltd. (MGT) through the acquisition of the state-owned MGT shares, successfully completing the transaction to acquire MGT’s line of business and its state-owned shares.
The sale of MGT was governed by Government resolution No. 1366/2019 (VI.25). The transaction agreement was signed by FGSZ – member of MOL Group – and MGT on June 28, 2019. In accordance with the agreement FGSZ has completed the payment of HUF 38 bn (including the prepayment of MGT’s loans) to the Hungarian state for the Slovakian-Hungarian natural gas interconnector pipeline system. On 10 October 2019, the payment for the acquired MGT Ltd. shares was completed as the final step in settling the purchase price, resulting in HUF 19.65 billion in revenue for the state.
On October 4, 2019, FGSZ took over the operation of the 92 km long natural gas transmission pipeline connecting Hungary to Slovakia thus, the entire, nearly 6000 km long high-pressure natural gas transmission pipeline system of Hungary is now operated by FGSZ.