Mar 19, 2010 | Berlin/Amsterdam Vattenfall finalises sale of Nuon Germany
Vattenfall Europe AG has finalised the sale of Nuon Deutschland GmbH to ENERVIE AG (formerly known as SEWAG Südwestfalen Energie und Wasser AG, Hagen) following approval by the European Commission.
The Supervisory Board of ENERVIE AG, Hagen, had already approved the acquisition of all the Nuon Deutschland GmbH shares from N.V. Nuon Energy of Amsterdam at its meeting on 22 January 2010. The acquisition price is not being disclosed. Final contracts have been signed on 18 March 2010, with retrospective effect from 1 January 2010.
Background to the transaction
On 1 July 2009 the Swedish energy supplier Vattenfall AB of Stockholm took over 49% of the shares in the Dutch energy supplier Nuon. The EU Commission allowed this transaction to proceed subject to the condition that Vattenfall sold all its shares in Nuon Deutschland GmbH. Vattenfall consequently started looking for a buyer in August 2009.
Nuon Germany is an innovative energy supplier with around 300,000 customers and annual turnover of approximately €244 million. It provides electricity and gas to private and commercial customers in selected urban areas in Germany, particularly in the Berlin and Hamburg regions.
Vattenfall is one of the biggest European energy companies and operates in Denmark, Finland, Germany, Great Britain, Poland, Sweden, the Netherlands and Belgium. As the fifth largest power generator and biggest heat generator in Europe, Vattenfall provides energy for several million people. The biggest clients are industrial enterprises and energy companies, local authorities, real estate companies and residential associations.
Nuon is an energy company with 6,000 employees, serving more than three million consumers, businesses and organisations in the Netherlands, Belgium and Germany. Nuon aims to provide a reliable and affordable energy supply that is also as clean as possible. Nuon produces and delivers gas, electricity, heating and cooling and helps its customers to keep their energy consumption down. The company constitutes the Business Group Benelux of the Vattenfall Group.