Dutch energy company Eneco, its committee of selling shareholders and a consortium of Mitsubishi Corporation and Chubu Electric Power Co., Inc. reached an agreement on the sale of all shares in Eneco for a total equity value of EUR 4.1 billion.
In the consortium led by Mitsubishi Corporation, Eneco has found new shareholders with a long-term horizon that are in full support of strengthening Eneco’s sustainable strategy. Eneco will become the European centre for all energy-related activities of Mitsubishi Corporation, a global enterprise with great ambitions in the area of energy transition, and Chubu, the 3rd largest Japanese energy company with about 10.2 million retail customer contracts and focused on non-fossil energy sources. Mitsubishi Corporation plans to transfer part of its offshore wind activities (more than 400 MW) to Eneco. Eneco will remain intact as an integrated and independent Dutch energy company, headquartered in Rotterdam, The Netherlands.
Eneco’s 44 Dutch municipal shareholders will be given the opportunity to take a final decision on the sale of their shares. The transaction is subject to obtaining the necessary regulatory approvals. Closing is expected before the summer of 2020. The agreement received unconditional positive advice from the works council and is supported unanimously by the board of management and supervisory board of Eneco. The NautaDutilh team advising the supervisory board of Eneco includes Geert Raaijmakers and Stefan Wissing.