European electric utility company E.ON SE (EOAN.MI,EOAN.DE,EONGY) said on Friday that it has agreed to sell its Czech subsidiary, Gas Distribution s.r.o., to GasNet, a part of the EZ Group. The deal, which is subject to regulatory approval, involves the sale of gas network operations in South Bohemia and parts of the Vysocina Region.
E.ON SE said that Gas Distribution manages 4,600 km of pipelines, serves 111,000 customer points, employs 120 people, and delivered 2.8 TWh of gas in 2024. In comparison, GasNet operates a 65,000 km network, has over 2,200 employees, serves 2.2 million customers, and distributed more than 59 TWh last year.
The company said that the transaction will further strengthen GasNet's position in the Czech gas distribution market.
Commenting on the deal, Thomas King, COO Networks at E.ON SE said, "This step enables us to further drive the green energy transition in Europe as a playmaker and to continue pursuing our ambitious growth and investment goals."
On the OTC Markets, EONGY.PK closed Thursday's trading at $17.42, up 0.52 percent.
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