E.ON agrees to sell stake in E.ON Thüringer Energie to municipal consortium
E.ON has agreed to sell a 43% stake in E.ON Thüringer Energie to a municipal consortium, Kommunaler Energiezweckverband Thüringen (KET). This transaction involves a volume of about 900 million euros, which includes the assumption of about 400 million euros of shareholder loans by KET. The transaction is to be finalized in the next few weeks and is subject to approval by the Thuringian government. E.ON's remaining 10% stake in E.ON Thüringer Energie may also be sold shortly.
By selling this stake, E.ON has made a decisive step in reorganizing its German regional supply business. In mid-2012, E.ON announced its intention to bundle its investments and use them efficiently and effectively in implementing the energy turnaround. For this reason, E.ON intends to concentrate on four regional suppliers: E.ON Avacon, E.ON Bayern, E.ON edis and E.ON Hanse. By signing the contract for the sale of shares in E.ON Thüringer Energie, E.ON has now reached a major milestone.
Ingo Luge, CEO of E.ON Deutschland: "We are pleased that the negotiations have come to a successful conclusion. The talks with our municipal co-shareholders took place in a constructive atmosphere marked by mutual respect." This allowed a fast, mutually beneficial outcome. "E.ON Thüringer Energie is a well-positioned company firmly rooted in the region that we are now passing on to responsible new owners," Luge added.
E.ON Thüringer Energie based in Erfurt supplies residential, commercial and industrial customers in Thuringia and parts of Saxony and Saxony-Anhalt with electricity, natural gas and district heat. The company also supplies over 25 municipal utilities with electricity for their customers. Its subsidiary Thüringer Energienetze operates a power grid of about 39,000 km and a gas grid of over 6,000 km in Thuringia.