A fund managed by Macquarie Asset Management is selling its 25% stake in Austrian energy distribution and services firm Energie Steiermark back to the Austrian state of Styria for €525m.

Macquarie, which invested in Energie Steiermark in 2015, said its Macquarie European Infrastructure Fund 4 has agreed to divest its holdings in the energy distributor.

Energie Steiermark operates a 31,300km electricity grid network and a natural gas supply network of around 4,200km. The company also provides district heating, e-mobility services and electricity generation from renewable energy sources, including wind, hydropower, solar and biomass plants.

Energie Steiermark also has subsidiaries in Slovenia, Czech Republic, France and Germany.

Hilko Schomerus, managing director at Macquarie Asset Management, said: “We are delighted to have supported Energie Steiermark as it has continued to adapt to the evolving needs of the communities it serves.

“Energie Steiermark’s ongoing commitment to providing sustainable energy solutions to consumers and businesses will play an important role in accelerating the energy transition of Austria and its neighbours.”

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