Elering acquires Gazprom’s 37 per cent stake in Estonian gas transmission network

Elering signed an agreement on Friday to acquire Gazprom’s 37 per cent stake in a holding company AS Võrguteenus Valdus which holds 100 per cent of Estonian gas TSO’s shares.

The acquisition will be completed on June 22. Elering will acquire 37 per cent stake for 19,9 million Euros.

„Our goal is to increase holding to 100 percent and the transaction brings Elering one step closer to that goal,“ Taavi Veskimägi, Elering CEO said.

Majority shares of AS Võrguteenus Valdus were acquired by Elering earlier this year. In June, Elering acquired part of shares held by other minority shareholders. All the shares were obtained at the same price. After described acquisitions Elering holds 89 per cent of AS Võrguteenus Valdus’ share capital.

Elering’s final goal is to become the sole owner of the transmission network and bring management of the electricity and gas networks together in one company.