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Munich (dpa) - In search of reliable income, Germany's largest public insurer is buying a gas network.
The Versicherungskammer group, which is affiliated with the savings banks, announced the acquisition of the Ferngas Group from financial investor First Sentier on Wednesday.
The price amounts to 720 million euros, as the Munich company announced on Wednesday.
The Ferngas Group operates a gas network with more than 3000 kilometers of pipelines in Northern Bavaria, Thuringia and neighboring areas.
The antitrust approval of the authorities is still pending.
According to the insurance chamber, Ferngas supplies a good 60 local energy providers and large corporate customers.
The insurance chamber wants to promote investments by the future subsidiary, including in hydrogen technology.
Like banks, the insurance industry has been suffering for years from the consequences of the European Central Bank's negative interest rate policy, which is depressing the returns on capital investments.
Many insurance companies are therefore looking for new investment opportunities.
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© dpa-infocom, dpa: 210331-99-44693 / 3