Fluxys and Macquarie Asset Management have reached an agreement for Fluxys to purchase OGE, the largest transmission system operator in Germany, for about 24% of the current market value. The acquisition is a fantastic fit for Fluxys’ plan to become a key infrastructure partner in accelerating the energy transition.
Due to their leadership in decarbonization technologies, Fluxys and OGE are aggressively building infrastructure for importing and exporting CO2 and hydrogen. Additionally, they have shown that they are committed to maintaining supply security in the current market climate. In terms of supply security, Fluxys is a crucial partner for protecting the German markets through the Belgium-based East-West corridor, which is being strengthened and will eventually be able to switch to hydrogen flows.
Because the infrastructure and decarbonization initiatives of Fluxys and OGE are so complimentary, the companies’ subsidiaries in Belgium, Germany, and Switzerland work very well together. Germany may be able to establish alternative channels through Belgium to import and export CO2 and hydrogen as a result.
Director of Fluxys, Pascal De Buck: “It makes perfect strategic sense for Fluxys to purchase a stake in OGE. We are eager to work with the co-shareholders and support OGE’s futuristic strategy to bring about the energy revolution. The development of cross-border infrastructure for CO2 and hydrogen and the expansion of decarbonization choices for society can all be accelerated by fostering an even more solid partnership between our companies and OGE.”
OGE CEO Dr. Jörg Bergmann: “We welcome Fluxys as a new shareholder in OGE. Cross-border collaborations are a crucial component of a successful European energy transformation. This purchase of Macquarie’s shares will further strengthen the strong and dependable partnership between Fluxys and OGE.”
Through the arrangement with Macquarie Asset Management, Fluxys will purchase the 0.5% stake held by Halifax Regional Municipality Master Trust in addition to the 23.6% holding in OGE held by Macquarie European Infrastructure Fund 4. The transaction’s terms have not been made public. After the necessary regulatory authorities’ permission and other usual closing requirements have been met, closure is anticipated to take place by the end of March 2023.