As part of the deal, E.ON will acquire Statkraft’s 44.6% shareholding in E.ON Sverige and a hydropower plant in Sweden, valued at a total purchase price of approximately E4.5 billion.
In return, Statkraft will acquire E.ON shares to the value of approximately E2.18 billion, 40 hydropower and five heat assets in Sweden; two gas power plants, 11 hydropower plants, shares in two biomass power stations, a structured gas contract and electricity supply contract in Germany; one hydropower plant in the UK.
E.ON and Statkraft are expected to complete the transfer of ownership of the assets by the end of 2008, subject to the necessary approvals of the antitrust authorities. By becoming the sole owner of E.ON Sverige, E.ON will use its strengthened position to further expand its business in the market, with a focus on organic growth, increasing its renewables activities and delivering its ambitious investment plan for the Nordic region and across Europe.
Wulf Bernotat, E.ON CEO, said: With this agreement, we will gain a strong platform for growth and investment in the Nordic region, and are gaining full freedom of strategic and entrepreneurial action. In line with our ambitious European strategy, we are set to invest around E6 billion in the Nordic market in the period 2006 through to 2013, strengthening energy security and our position in the region.
