Deal closure marks beginning of E.ON and Sabanci strategic partnership in Turkey
E.ON SE, Düsseldorf, today closed its acquisition of 50 percent of Enerjisa Enerji A.S. from Vienna-based Verbund AG, completing the asset-swap agreement the two companies signed in December 2012. In return, Verbund acquired E.ON’s interest in a number of hydropower stations in Bavaria. E.ON and its strategic partner Sabanci, a major Turkish conglomerate that owns the other 50% of Enerjisa, will now work together to realize their ambitious plan for Enerjisa which reflects the shareholders’ strong commitment to the Turkish market. On finalization of the privatization process for the Ayedas and Toroslar regions, Enerjisa’s distribution companies will have a substantial customer base of 9 million, while in generation Enerjisa plans to reach 7.5 gigawatts of capacity in operation by 2020.
Enerjisa’s executive team under CEO Yetik Mert was joined today by Holger Kreetz of E.ON SE, who will jointly lead the company with Yetik Mert and serve as the company’s COO.
Sabanci Holding Chairman Ms. Güler Sabanci said: “I believe Enerjisa will reach its new and ambitious targets as the leading and the most innovative energy company of Turkey through the hard work of its team and shareholders, along with the contribution of E.ON, who is eager to grow in the Turkish market. We achieved success on electricity distribution tenders through intense support and determination of our new partner, E.ON. Together with E.ON’s faith and confidence in Turkey and Enerjisa, we will continue to contribute to the sustainability of the Turkish electricity and natural gas markets in all aspects.”
E.ON CEO Johannes Teyssen said: “Today marks another important milestone in E.ON’s development as a global energy solutions company. By finalizing the acquisition of a stake in an established and successful power company with nearly 2 gigawatts already in operation, we’ve given E.ON a significant market position in Turkey, which is one of our target growth markets. This confirms E.ON’s strategic belief in the growing Turkish market and our faith in Enerjisa as a strong player in this market. Enerjisa’s successful participation in the recent privatization auctions for two power sales and distribution companies will enable the company to significantly increase its access to end-consumers, thereby achieving an important strategic objective at a fair price. Our value-enhancing partnership with Sabanci will combine our expertise and resources to build one of Turkeys leading power companies.”