MET Energy Holding plans billion-euro M&A deals in Europe: CEO

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Swiss-based MET Energy plans to expand rapidly in Europe over the next three years via acquisitions worth at least 1 billion euros ($1.10 billion) once a deal with Singapore conglomerate Keppel Corporation is finalised next month, MET’s CEO said on Monday.

MET, spun off of the Hungarian oil group MOL in 2007, has sold a 20% stake to Keppel for 53 million euros, the companies said last week. This valued MET at about 250 million euros, a valuation that CEO Benjamin Lakatos said was insufficient to compete in Europe, according to Reuters.

“We have been like a child tiptoeing to see what’s on the table,” Lakatos told Reuters in an interview. “We could not participate in big European deals efficiently. The Keppel partnership will give us the necessary capital requirements for more significant acquisitions.”

Lakatos said he personally wanted MET to clinch 2-5 major deals in all segments of the European electricity and natural gas markets excluding gas exploration and transmission systems.

Met will pay particular attention to liquefied natural gas (LNG) deals in Western Europe, especially in Italy and Spain where it already has a customer base, allowing it to cover the entire supply chain where possible.

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