Fluxys and GIP Join in Bid for Net4Gas

Belgian natural gas infrastructure company Fluxys and private equity firm Global Infrastructure Partners (GIP) have launched a joint bid for Net4Gas, the Czech gas transmission system.

Belgian business daily De Tijd reported the approach, although Fluxys would not comment.

Net4Gas is one of the assets German utility RWE is selling as it cuts debt under pressure from ratings agencies.

De Tijd, without specifying its sources, said on Tuesday that Fluxys and GIP had already put in a binding bid.

According to Reuters, other likely bidders include EPH and Macquarie jointly, Czech financial group KKCG and German insurer Allianz. The bids, due earlier this month, were expected to range from €1.5 to €2 billion.

Net4Gas operates more than 3,600 kms (2,200 miles) of pipelines crossing the whole of the Czech Republic and serving as a major access point for Russian gas into western Europe.

Fluxys, which controls listed Belgian pipeline operator Fluxys Belgium, is majority-owned by Belgian municipal holding Publigas.