GDF Suez, E.ON, Sell Slovakian Gas Interest Stake

French energy giant GDF SUEZ and Germany's E.ON have sold their combined 49% stake in Slovakia's main gas operator.

The two western European companies signed an agreement to transfer the indirect stake to Energetický a Průmyslový Holding (EPH), a leading Czech energy player.

GDF SUEZ and E.ON had held their stake on a 50/50 basis since the partial privatization of Slovenský Plynárenský Priemysel a. s. (SPP) in 2002. The Bratislava-based company has 4,000 employees.

 EPH will acquire 100% of the share capital of the joint venture.

In a statement, GDF SUEZ said the value of its 24.5% stake was €1.3 billion, and the deal would reduce its net debt by this sum. E.ON's stake value is reported to be the same.

Disposals announced since the start of last year, as part of GDF Suez’s portfolio optimization program, total more than €5 billion.

The sale has been approved by the Slovak State and has received all necessary antitrust clearances, with closing expected in the next few weeks.