PPF spends 6.5 million euros to buy natural gas supplier

Czech investment fund PPF Investments continues its acquisition campaign on the local market of natural gas transmission and supplying, after it struck a deal to buy 100% in Gaz Sud for 50 million euros last year. This time, the value of the deal is substantially lower (6.5 million euros), while the company taken over is Grup Dezvoltare Retele. “I can confirm we signed the agreement to buy 100% in June. Anyway, the deal is now pending approval from the market regulatory authorities. The price we are going to pay is 6.5 million euros, but it will be adjusted depending on the first-half 2008 performance of the company. Grup Dezvoltare Retele is an acquisition that goes very well with the transmission network of Gaz Sud,” PPF Investments representatives said.