Australia's Macquarie to buy German gas pipeline firm Thyssengas

[BERLIN] Australian investment bank Macquarie Asset Management said on Friday it had agreed to buy Germany's second largest gas pipeline operator Thyssengas from DIF and EDF Invest to use the company's grid network to transport climate-friendly gases.

Macquarie, which already owned Thyssengas between 2011 and 2016, did not specify the price, but sources close to the matter said in June a sale could value the group at US$1.17-US$1.40 billion including debt.

One of the reasons that owners DIF and EDF Invest decided to put Thyssengas up for sale is because the fate of natural gas infrastructure is uncertain in Germany, with fossil fuels being phased out under tougher climate legislation.

"Given limited renewable energy resources and extensive connectivity to the gas grid, climate-friendly gases such as low-carbon hydrogen are an attractive alternative," Macquarie Managing Director Hilko Schomerus said in a statement.

"This is an opportunity to make Thyssengas' grid fit for the future," Schomerus said.

REUTERS