SINGAPORE (Dec 5): Keppel Infrastructure Holdings, the infrastructure arm of Keppel Corporation, is investing €53.02 million ($80 million) for a 20% stake in MET Holding AG, an integrated European energy company headquartered in Switzerland.
The two companies will also enter into a strategic partnership to jointly explore investment opportunities focussing on European energy infrastructure assets.
One of the largest independent energy suppliers in Central and Eastern Europe, MET Group supplies natural gas and electricity to a diverse portfolio of customers.
In 2018, MET Group raked in €10.7 billion in revenue.
“Our strategic investment in MET Group represents our 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,” says Dr Ong Tiong Guan, CEO of Keppel Infrastructure.
“Through this, we will not only gain exposure to the growing energy platforms that MET Group is active in, but we will also be able to leverage their presence to jointly explore energy infrastructure investment projects in the region,” he adds.
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The transaction is subject to customary merger clearance, including the approval of the European Commission and Ukraine.
Keppel Corporation says the transaction is not expected to have a material impact on its net tangible assets or earnings per share for the current financial year.
Shares in Keppel Corp closed 1 cent higher at $6.70 on Thursday.
