GDF International, the majority shareholder of Engie Romania, one of the largest gas distributors and suppliers in the country, sent Fondul Proprietatea an offer of EUR 87 million for the 12% stake that the Fund owns in Engie Romania.

Fondul Proprietatea announced on December 27 that it accepted the offer. The transaction must also be approved by the fund's shareholders in a following general shareholders' meeting.

The offer values Engie Romania at EUR 725 million. The company, in which the state is the second largest shareholder (37%), reported a net turnover of RON 15 billion (EUR 3 billion) and a net profit of RON 637 million (EUR 130 million) in 2022.

The Fund’s 12% stake in Engie Romania represents 14.53% of the NPV of the Fund on October 31, 2023, according to the Fund’s estimates, quoted by Economica.net.

The Engie Romania group of companies operates in several markets: distribution and supply of natural gas, production from renewable sources and supply of electricity, as well as green solutions and technical services for natural gas installations and thermal power plants.

Engie Romania and its subsidiaries serve a portfolio of over 2 million customers, operate a distribution network of about 22,600 km, have a production capacity from green sources of 121 MW and have 4,200 employees.

iulian@romania-insider.com

(Photo source: Adragosphoto | Dreamstime.com)