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Keppel Infrastructure unit invests 53m euros in energy firm MET Group
KEPPEL Infrastructure Holdings' indirectly wholly-owned subsidiary Keppel Energy Switzerland Holding AG is investing 53.02 million euros (S$80 million) for a 20 per cent stake in MET Holding AG (MET Group), an integrated European energy company headquartered in Switzerland.
In addition, Keppel Infrastructure and MET Group will enter into a strategic partnership to jointly explore investment opportunities focusing on European energy infrastructure assets.
MET Group has businesses in natural gas, power and oil markets, focused on multi-commodity wholesale, trading and sales, as well as energy infrastructure and industrial assets. With 10.7 billion euros in revenue in 2018, it has a presence across 15 European countries. MET Group is active in 26 national gas markets and 22 international trading hubs, having traded more than 42 billion cubic metres of gas across Europe in 2018.
Keppel Infrastructure is the infrastructure arm of Keppel Corporation. Its energy infrastructure division provides competitive energy solutions and services, anchored by an integrated natural gas and power business in Singapore.
Ong Tiong Guan, CEO of Keppel Infrastructure, said that this investment in MET Group is their first step into the "dynamic" European energy market.
"MET Group's integrated strategy across the energy value chain is aligned with Keppel Infrastructure's strategy," he said. "Through this, we will not only gain exposure to the growing energy platforms that MET Group is active in, but will also be able to leverage their presence to jointly explore energy infrastructure investment projects in the region," Dr Ong added.
The transaction is subject to customary merger clearance, including the approval of the European Commission and Ukraine.
The above transaction is not expected to have a material impact on the net tangible assets or earnings per share of Keppel Corporation for the current financial year.