* Stake worth more than 150 million euros - sources
* EnBW aims for further growth in gas sector - CEO
(Recasts, adds details from statement)
FRANKFURT, July 11 German utility EnBW
said on Friday it would buy the 50 percent stake owned by
Italy's Eni in a jointly-held gas grid company, taking
full ownership of an asset that is expected to generate stable
returns over the coming years.
EnBW said both parties had agreed not to disclose the
Sources familiar with the process told Reuters late on
Thursday that a deal had been agreed, putting the value of the
stake at more than 150 million euros ($205 million).
"EnBW executes on its gas strategy through expanding its
position in the gas supply and transmission business
significantly and is also aiming for further growth," Frank
Mastiaux, EnBW's chief executive, said in a statement.
Infrastructure investors and utilities are looking to buy
into safer assets that yield guaranteed returns, such as power
and gas grids, amid turbulent stock markets and low interest
EnBW will buy the 50 percent it does not already own in EnBW
Eni Verwaltungsgesellschaft mbH, established in 2002, which
comprises gas grid Terranets BW GmbH as well as gas supplier
Gasversorgung Sueddeutschland (GVS).
Together, Terranets - which operates a 2,000 km gas pipeline
system in the German state of Baden-Wuerttemberg - and GVS made
sales of 1.7 billion euros last year and employ 278 staff.
Eni said in October it was in talks with EnBW over the
future of EnBW/Eni Verwaltungsgesellschaft, amid speculation the
oil and gas group could sell its stake.
($1 = 0.7331 Euros)
(Reporting by Christoph Steitz; Editing by Harro ten Wolde and