Macquarie fund wins bidding to buy RWE’s Thyssengas

By Jonathan Gould

FRANKFURT (BestGrowthStock) – RWE AG (RWEG.DE: ) has sold its German gas network Thyssengas GmbH to a Macquarie (MQG.AX: ) infrastructure fund for an undisclosed sum, RWE said on Friday.

RWE, Europe’s fifth-largest utility, said the sale was still subject to approval by its supervisory board and also needed EU and antitrust approval.

Details of the sale to Macquarie Infrastructure and Real Assets (Europe) Ltd are confidential, RWE said in a statement.

RWE had been under a legal obligation to sell Thyssengas by March 2011 after settling an EU antitrust investigation into barriers to access the grid.

Thyssengas generated revenues of 215 million euros ($284 million) in 2009. It has about 280 employees and transports 10 billion cubic meters of natural gas a year through a 4,100 kilometer pipeline network.

“Macquarie will continue to develop the company with a view to the future, also in the interests of the Thyssengas workforce,” Leonhard Birnbaum, RWE’s Chief Commercial Officer, said in the statement.

Several sources familiar with the situation had said in September a joint bid had also been made by gas firm Bayerngas and local utilities Stadtwerke Dortmund, Dortmunder Energie und Wasser, Stadtwerke Bochum, Munster and Gelsenwasser (WWGG.DE: ) together with an Allianz (ALVG.DE: ) infrastructure fund.

Belgian gas pipeline operator Fluxys (DIST.BR: ) had also mulled an offer, a source close to the company said at the time.

(Editing by Will Waterman)

Macquarie fund wins bidding to buy RWE’s Thyssengas