The German power company E.on, which suffer a high loss this year, has sold its business in Spain and Portugal to the Australian investor Macquarie 2,500 million euros.
E.on reported that part with conventional electricity generation and calculates further depreciation of 4,500 million euros in activities in southern Europe and some traditional plants, which generate the red in 2014.
E.on wants to abandon conventional generation, trading on wholesale markets and production and exploration, which will draw public in 2016.
Macquarie maintain and develop the activities of conventional power generation and renewable in Spain and Portugal and will become the next partner of distribution customers and sales in both territories.
“We are pleased to have found a good employer for our employees Macquarie, which already met its reliability when it bought the gas transmission network in Germany, “he told the president of E.on, Johannes Teyssen.
In 2008, after a strong auction in which also participated Italy’s Enel, E.On managed to take part of the activities of Endesa in Spain and Viesgo by about 11,500 million euros.
In conjunction with Acciona exceeded the counter E.on-offer for Endesa, which exceeded 40,000 million euros, when he retired Eon and in return received the activities of Endesa and Enel in Spain and some plants in France and Italy.
E.on, then headed by Wulf Bernotat, initially offered in 2006 29,000 million euros for Endesa, preferring to have that German company Gas Natural.
However, the Spanish Government challenged entry into a strategic energy sector and E.on, which had to improve its offer later.
E.on has had to revise from 2009 downwards several times the value of assets bought in Spain, France and Italy amounting to 11,000 million euros, including depreciation announced today.
The German company expects a net profit excluding extraordinary effects without depreciation of between 1,500 and 1,900 million euros 2014.
Also E.on studies the sale of its activities in Italy, as well as exploration and production in the North Sea.
The Supervisory Board E.on approved today also distribute a fixed dividend of 0.5 euros per share for fiscal years 2014 and 2015.
The sale of the businesses in Spain and Portugal at the bottom Investment Macquarie European Infrastructure Fund IV includes 650,000 electricity and gas customers, and 32,000 miles of electric distribution network.
Additionally, Eon in Spain and Portugal has a total installed generating capacity of four gigawatts between coal, gas and renewables.
The total number of employees in both countries is approximately 1,200 people.
The transaction, which will be closed expected in the first quarter of 2015 , is still subject to approval by the authorities of competition of the European Union (EU).
In addition, Wren House Infrastructure will become in minority investor in business in Iberia , along with Macquarie Fund.
“Our activities in Spain have higher-yielding assets with a diversified and environmentally responsible generation and electricity distribution network quality,” the president E.on.
The result of the sale increase financial flexibility and strengthen the balance E.on, Teyssen added.
Macquarie European Infrastructure Fund (MEIF4) is a fund specialized in infrastructure and interest in long-term investments in businesses European infrastructure of high quality.
Wren House Infrastructure was created in 2013 as global vehicle direct investments in infrastructure Sovereign Fund Kuwait.
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