Irish-owned energy supplier Vayu has been acquired by the Spanish utility giant Gas Natural Fenosa (GNF)for an undisclosed sum.

Vayu, which was established in 2003, supplies gas to about 20 per cent of Ireland’s industrial and commercial market. It also purchases and sells renewable energy from small generators in the local market and the UK.

GNF said the transaction bolstered its footprint in Europe and “would enhance the development of liquefied natural gas operations and trading.”

Robust balance sheet

“The transaction will undoubtedly strengthen Vayu’s position in the local market due to the robustness of GNF’s balance sheet and range of services,” the Spanish company said in a statement.

GNF currently operates in 30 countries and it has 23 million customers and €48 million in assets. The group reported earnings before interest, taxes, depreciation, and amortisation of €5.2 billion last year, half of which came from international markets.