Macquarie Infrastructure and Real Assets has exercised an option to acquire an outstanding stake in the Czech distribution system operator Innogy Grid Holding (IGH).
The deal follows agreement between RWE and Eon that the latter would purchase a stake in IGH from RWE as part of the wider acquisition of Innogy.
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That agreement triggered a right of first refusal for the co-shareholders of IGH – a Macquarie Infrastructure and Real Assets managed consortium of investors – which has been exercised.
Macquarie Infrastructure and Real Assets will become the sole owner of IGH if the deal is finalised.
The acquisition, valued at €1.8bn, is subject to merger control proceedings and the transfer of RWE’s stake in Innogy to Eon.