Budapest, December 19 (MTI) – The state-owned Hungarian Electricity Works (MVM) and RWE Gas International have signed the sale and purchase agreement on MVM acquiring a 49.83 percent stake in Budapest gas distributor Fogaz from RWE for 41 billion forints, MVM told MTI on Thursday.

The transaction could be closed in the first half of 2014 after approvals from the authorities and consent from the co-owner Budapest City Council.

A general meeting of MVM approved the acquisition on Dec. 17.

The National Asset Management Company (MNV) is committed to providing the necessary resources for the purchase, MVM said earlier.

A 50-percent-plus-one-share stake in Fogaz will remain in the hands of the local council of Budapest, MVM said.

Fogaz has 820,000 retail and corporate clients.

Photo: jokorty.hu