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  • Deal or case news
  • 31-03-2017

NautaDutilh assists PZEM N.V. (previously named DELTA N.V., PZEM), the municipality and province owned integrated utility company of the Dutch province of Zeeland, with the contemplated divestment of Zeeuwse Netwerkholding N.V., including, inter alia, regional network operator Enduris B.V. and De Netwerkgroep Infra B.V. (together DELTA Netwerkgroep or DNWG), to Stedin Holding N.V. for € 610 million (enterprise value).

The activities of DNWG comprise (i) regional network operator (Enduris), (ii) provider of measurement services for bulk energy consumers, and (iii) provider of technical installation and maintenance services for public and private energy networks and for electrical installations. DNWG employs approximately 647 employees and is headquartered in Middelburg, the capital of Zeeland, the Netherlands.

The contemplated transaction is subject to customary conditions, such as merger control, shareholder approval and completion of a works council consultation procedure.

The sale of DNWG is part of the ongoing restructuring of PZEM. The developments within the energy market and the mandatory unbundling require PZEM to sell DNWG. Under the Unbundling Act (Wet Onafhankelijk Netbeheer) production and supply activities must be segregated from regulate network activities by 1 July 2017. When it appeared impossible to maintain DNWG for the Province of Zeeland, the sales process was started earlier this year. After completion of the sale, the regulated activities of PZEM will be limited to its 50% stake in water company Evides N.V.

The NautaDutilh team consists of Joost den Engelsman, Harm Kerstholt, Lisa Schoenmakers and Anne Geluk (Corporate M&A/Energy); Arief van Rhee, David Wumkes and Minke Hahn (Real Estate); Gijs van Nes and Joyce Trebus (Employment); Marianne de Waard-Preller and Dido Wolvius (Corporate Notarial); Barbara Nijs, Herman Speyart and Arnout Koeman (Competition); Edward Rijnhout and Sjuul Jentjens (Tax).

Press coverage (only available in Dutch)

Press release
FD.nl - Stedin koopt Enduris voor € 450 mln
Mena.nl - Stedin neemt netwerkbedrijf DELTA over
Stedin.net - Delta Netwerk Groep verder als onderdeel van Stedin Groep

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