Swiss-based MET Group has received all required approvals from the relevant authorities and has now completed the acquisition of a 68.5 percent stake in the Liège-based energy and telecom supplier Mega Group International. The successful completion of the transaction will allow MET Group to reach Mega’s customers in Belgium and the Netherlands.

Mega Group International is an energy and telecom retailer focusing mostly on household customers in Belgium and the Netherlands, supplying gas and electricity as well as telecoms services. The company was founded in 2013 and ranks among the top 5 energy suppliers in Belgium, with a portfolio of close to 500,000 customers.

Under the agreement, MET Group acquired a 68.5 percent stake, while a 31.5 percent minority stake in Mega will remain with the founders (and current co-CEOs) Michael Corhay and Thomas Coune who will continue to lead the Mega business.

MET Group’s Chairman and CEO Benjamin Lakatos said: “We decided to undertake this transaction because we believe in the importance which the retail segment plays in our energy value chain. I am convinced that the retail sales knowledge of Mega, when combined with the risk management framework of MET Group, will create many synergies not only for us but also for our customers. This milestone transaction in Belgium and the Netherlands is a great fit for our Western European strategy.”