Polish energy company Tauron Polska Energia will purchase the electricity company for a price of about SEK 7.4 billion ($1.05bn).
The sale reduces Vattenfall’s debt and increases its financial flexibility.
The sales to Tauron include distribution, network services and trading activities in GZE.
Furthermore, it strengthens Vattenfall’s ability to be one of the companies leading the transition to an environmentally sustainable energy system.
The sale is an important part of Vattenfall’s new strategic direction, focusing on the three core markets of Sweden, Germany and the Netherlands.
Vattenfall president and CEO Øystein Løseth said the company is pleased to find a new strong owner that can build on a solid ground and continue to contribute to the transformation of the Polish energy market.
GZE provides about 10% of the electricity consumed in Poland and the company has about 1.1 million customers.
