The buyers, and consequently the new major shareholders, are funds advised by international asset managers First State Investments
Image: EnBW and RheinEnergie sell interests in MVV. (Credit: Unsplash/Nikola Johnny Mirkovic.)
EnBW Energie Baden-Württemberg AG and RheinEnergie AG are selling their interests – in total, 45.1% – in MVV Energie AG, Mannheim. The buyers, and consequently the new major shareholders, are funds advised by international asset managers First State Investments. The transaction was initiated in agreement between MVV and the City of Mannheim as MVV’s majority shareholder.
Its completion is subject to clearance by the competent supervisory and competition authorities.
The City of Mannheim continues to hold a 50.1% majority shareholding in MVV. EnBW has held interests in MVV since 2004, most recently with a 28.8% shareholding, and RheinEnergie since 2007 with 16.3%.
Statements from the parties to the transaction:
EnBW CFO Thomas Kusterer: “We are pleased to have reached a successful conclusion to the joint selling process. In First State Investments, we have found a buyer who is committed to MVV for the long term. I would like to thank everyone involved for their contribution to the project. MVV has developed very well since we invested in 2004. We are now taking the opportunity to exit from the investment at an attractive price. This supports the implementation of our growth strategy, as we plan to continue transforming and expanding the EnBW portfolio going forward.”
RheinEnergie CEO Dr. Dieter Steinkamp: “We are very happy that the sale of our shareholding in MVV, initiated by the City of Mannheim and MVV Energie, has been successfully completed in collaboration with EnBW, and we would like to thank all involved. Our shareholding in MVV was ultimately a financial investment. We will now place our strategic more than ever on expanding our energy sector partnerships in the Rhineland region and our renewable energy activities, reinforcing our infrastructure and building new business areas.”
The City of Mannheim thanks Rheinenergie as its former contractual partner for its constructive partnership in the interests of MVV over the past years. In addition, the city thanks EnBW and Rheinenergie as shareholders for their constructive role in the selling process.
MVV CEO Dr. Georg Müller likewise welcomes the successful completion of the selling process. “The mutually agreed course of action made it possible to find a satisfactory and forward-looking solution.”
Source: Company Press Release