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14.11.2011 13:15Gazprom Buys German Energy Retailer Envacom
Gazprom, the world's largest gas company that supplies a quarter of Europe's gas, is seeking greater exposure to the final consumer and has already built up a substantial energy distribution business in Britain
© Gazprom
Gazprom said on Monday it had acquired Envacom, a German energy and telecommunications firm, giving the Russian gas export monopoly a foothold in the power market of Europe's largest economy.
Gazprom bought 100 percent of Envacom, which was founded in 1999 and has 500,000 customers, in a friendly deal. Envacom's telecoms business will be carved out and remain under the sole ownership and control of previous owner Tillman Raith.
Gazprom said the new entity will be called Gazprom Marketing and Trading Retail Germania GmbH, and will market its products and services as Gazprom Energy.
"The acquisition of this business represents a significant step for Gazprom in our strategy to accelerate growth in our power business," said Jozua Knol, managing director of Gazprom Energy in Germany, as quoted by Reuters.
Gazprom did not disclose the value of the deal.
Gazprom, the world's largest gas company that supplies a quarter of Europe's gas, is seeking greater exposure to the final consumer and has already built up a substantial energy distribution business in Britain.
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