E.ON reached an agreement in April 2007 with Italian energy company Enel and the Spanish conglomerate Acciona on an extensive transaction as a constructive way of ending the dispute over the acquisition of a majority interest in Endesa. Valuation of the assets has now been completed on schedule, according to E.ON.
The purchase price is approximately E8.9 billion. In addition, debt which is put at approximately E2.9 billion will be taken over. E.ON will invest a total of around E11.8 billion in the transaction.
The final amount of debt will subsequently be determined by an auditor. The completion of the transaction is likely to take place in the third quarter of 2008, once all permits are available.
Wulf Bernotat, E.ON’s CEO, said: With this transaction we are considerably expanding our position in Spain, where we are already strong in the wind power market, and in Italy. Furthermore, it gives us a good position on the very interesting French power generation market. At the same time E.ON now has an international presence unmatched by any other energy company, thus obtaining an even better platform for further profitable growth in Europe.
