A consortium of international investors has agreed to purchase E.On’s German gas transmission company for €3.2 billion.

Open Grid Europe operates around 12 000 km of gas pipeline in Germany and serves as a key European hub for bulk gas shipments from Russia and Norway.

A consortium consisting of Macquarie European Infrastructure Fund 4, Infinity Investments, British Columbia Investment Management Corporation and Meag Munich Ergo Asset Management will buy Open Grid Europe, subject to regulatory approvals.

The sale of Open Grid Europe brings E.On closer to its goal of generating roughly €15 billion through divestments by the end of 2013. The German utility has already recorded divestment proceeds totaling more than €12 billion.

It will use the money to reduce its debt and invest in growth businesses.