E.ON forms joint venture with EQT Infrastructure
Agreement reached on sale of E.ON Energy from Waste to joint venture
E.ON has signed agreements to form a joint venture (JV) with EQT Infrastructure II, a fund focusing on developing operational infrastructure companies and part of EQT, a Sweden based private equity group. The JV, in which EQT Infrastructure II will own 51 percent and E.ON 49 percent, will acquire 100% of the equity of E.ON Energy from Waste.
The JV between E.ON and EQT Infrastructure II aims to further consolidate the market position, promote operational excellence and continue the geographical expansion of E.ON Energy from Waste. The JV also enables E.ON to reduce its involvement in waste incineration, which is not part of its core business.
“The formation of the joint venture—whose two partners have agreed on a model for developing E.ON Energy from Waste’s businesses—enables us to create value with less capital and is therefore in line with the strategy we announced in late 2010,” E.ON CEO Johannes Teyssen emphasized. “Together with our partner, we want to guide E.ON Energy from Waste to a successful future as an independent company.”
The transaction, which is subject to antitrust approval, is expected to close in the first quarter of 2013. With this transaction, E.ON will have achieved more than €14bn of its target to generate €15bn through portfolio measures by the end of 2013.This press release may contain forward-looking statements based on current assumptions and forecasts made by E.ON Group management and other information currently available to E.ON. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. E.ON SE does not intend, and does not assume any liability whatsoever, to update these forward-looking statements or to conform them to future events or developments.