Mitsubishi Corporation and Chubu Electric Power have completed the acquisition of Dutch energy company Eneco, plans for which were first announced in December.
The Japanese companies said that since last year they have been completing acquisition procedures and officially acquired all shares of Eneco through their Netherlands-based joint special purpose company Diamond Chubu Europe on 24 March.
The total value of the acquisition is €4.1bn.
In November, Eneco’s shareholders’ committee, and the buyers had reached agreement on the deal, which among other things will see Mitsubishi Corporation transfer part of its offshore wind activities to the Dutch company.
Through the acquisition, Mitsubishi said it will “take advantage of Eneco’s technological strengths and know-how in renewable energy”, as it aims to “accelerate its own renewable developments” in Europe and globally.
At the time of the acquisition Mitsubishi Corporation chief executive Takehiko Kakiuchi said: “We are impressed by Eneco’s achievements and its market position and intend to further build on that position.
“Eneco and we have been successfully working together since 2012 in a long-term strategic partnership and as a result have a proven track record of successful collaboration on various renewable energy projects.
“We share the same long-term vision of ‘everyone’s sustainable energy’, have a good cultural fit and we firmly believe that Eneco is well positioned to continue to play a leading role in the energy transition.”
Chubu said it aims to “combine accumulated expertise in the energy sector with Eneco’s unique strengths”, in Japan and also worldwide.