DGAP-Adhoc

VERBUND AG: Binding offer for the acquisition of a 51% stake in Gas Connect Austria GmbH accepted

DGAP-Ad-hoc: VERBUND AG / Key word(s): Mergers & Acquisitions VERBUND AG: Binding offer for the acquisition of a 51% stake in Gas Connect Austria GmbH accepted 23-Sep-2020 / 08:00 CET/CEST Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. On 12 March 2020, VERBUND AG ("VERBUND") issued insider information announcing that VERBUND was examining the financial and strategic aspects of a possible acquisition of OMV's 51% stake in Gas Connect Austria GmbH. On 15 June 2020, VERBUND issued insider information disclosing that, after examining the proposal, the Executive Board of VERBUND decided to submit a binding offer to OMV for the acquisition of its 51% stake in Gas Connect Austria GmbH.

The Executive Board of VERBUND has now announced that OMV and VERBUND have reached agreement on the transaction contract and OMV has accepted VERBUND's offer to acquire a 51% stake in Gas Connect Austria GmbH. The Supervisory Boards of OMV and VERBUND have approved the transaction. The contract will be signed later on today.

The agreed purchase price for OMV's 51% stake in Gas Connect Austria GmbH amounts to €271m. VERBUND will also assume Gas Connect Austria GmbH's outstanding liabilities to OMV as at the time of closing in 2021. As of 31 December 2019, the liabilities amounted to €165.9m. The purchase price implies an enterprise value for Gas Connect Austria GmbH (for 100% of the debt-free company) of €980m.

VERBUND does not expect the transaction to have any effects on its full-year 2020 guidance because the closing will not take place until 2021, depending on the length of time required to issue the necessary official permits and approvals.

Contact:
Andreas Wollein
Head of Group Finance, M&A and Investor Relations
T.: [phone] - 52604
F.: [phone] - 52694
mailto:[e-mail]
 

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23-Sep-2020 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de

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Language:	English
Company:	VERBUND AG
	Am Hof 6A
	1010 Wien
	Austria
Phone:	0043-1-53113-52604
Fax:	0043-1-53113-52694
E-mail:	[e-mail]
Internet:	www.verbund.com
ISIN:	AT0000746409
WKN:	877738
Indices:	ATX
Listed:	Foreign Exchange(s) Vienna Stock Exchange (Official Market)
EQS News ID:	1135389

End of Announcement	DGAP News Service

1135389  23-Sep-2020 CET/CEST