OMV to sell 49% of Austrian gas unit

OMV AG has agreed to sell a 49% interest in wholly owned Gas Connect Austria GMBH (GCA) to a combine of the European insurance group Allianz and Snam SPA.

OMV AG has agreed to sell a 49% interest in wholly owned Gas Connect Austria GMBH (GCA) to a combine of the European insurance group Allianz and Snam SPA.

Total cash consideration is €601 million, which includes a €147-million adjustment of shareholder debt.

GCA operates a 900-km high-pressure natural gas pipeline network in Austria. Total throughput last year was 152 billion m of gas.

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