Macquarie Group Limited Consortium Buy E ON AG's Open Grid Europe Gas Distribution Network For $4 Billion, Beats Out Allianz SE's Consortium-Reuters

Reuters reported that E ON AG has sold its Open Grid Europe gas distribution network to a consortium led by Australian bank Macquarie Group Limited for EUR3.2 billion ($4 billion), raising cash to pay down debt and fund expansion. The deal announced on Wednesday brings E.ON's tally of divestments to more than EUR12 billion, well on its way toward its goal of selling assets worth EUR15 billion by the end of 2013 to help offset the impact of Germany's nuclear exit. E.ON expects the transaction to close in the third quarter. The consortium that won the bid comprises Macquarie's European Infrastructure Fund 4, Infinity Investments, British Columbia Investment Management Corp (bcIMC) and Muenchener Rueckversicherungs-Ges. AG's asset management unit MEAG. It beat out three other groups led by France's GDF Suez, Germany's Allianz SE and Belgium's Fluxys SA.