OMV, the international, integrated oil, gas and chemicals company headquartered in Vienna, and Verbund, Austria’s leading electricity company and one of the largest hydropower producers in Europe, closed Verbund’s purchase of OMV’s 51% interest in Gas Connect Austria GmbH.

The purchase price agreed for the 51% OMV stake in Gas Connect Austria GmbH amounts to EUR 271 mn, less dividend payouts for the 2020 business year totaling around EUR 33 mn (for the 51% OMV interest). In addition, Verbund assumes the outstanding liabilities of Gas Connect Austria GmbH to OMV of around EUR 212 mn. Under the conditions of the purchase agreement, Verbund has paid approximately EUR 451 mn to OMV. OMV has settled a cash-pool liability to a subsidiary of Gas Connect Austria of around EUR 7 mn.

This transaction reduces OMV’s debt by around EUR 592 mn, which will have a positive impact on OMV’s gearing. In addition, Verbund has assumed Gas Connect Austria GmbH’s outstanding cash-pool liabilities to OMV.

OMV is thereby pursuing its strategy of exiting the regulated gas transport business and engaging in proactive portfolio management to continue on its profitable growth course. Gas trading and gas storage will remain an important part of the OMV portfolio.