According to E.ON, the transaction volume is around E1.4 billion and the purchase price is the amount payable for 100% of the company. Accordingly, for E.ON, the sale will generate a cash inflow of some E550 million, including repayment of its shareholder financing to ONE.
All of the other ONE shareholders participated in the auction process, which was completed on June 20, 2007. France Telecom previously held 17.45% of ONE’s shares.
E.ON said that completion of the transaction is subject to the approval of the responsible authorities, but the utility anticipates that the contract will be signed imminently. E.ON expects the sale to generate book gain profits of E330 million.
The transaction marks the sale of E.ON’s last shareholding in a non-core business. E.ON has thus successfully completed its transformation into a pure energy group.
