ČEZ completes acquisition of majority stake in GasNet

ČEZ, the biggest public utility group in Czechia, has finalized its acquisition of a 55.21% majority stake in GasNet, the largest gas distributor in the country, for €846.5 million (approximately 21.2 billion CZK). This acquisition supports ČEZ's strategy to transition from coal to natural gas and hydrogen in district heating by 2030. GasNet, which operates 65,000 km of gas pipelines and serves over 2.3 million customers, controls around 80% of the Czech gas distribution market. The deal, one of ČEZ's largest investments this year, will help the company advance its energy transformation and modernization efforts.