A Japanese consortium led by Mitsubishi Corp is to buy Dutch energy company Eneco for over €4bn.
Eneco said its shareholders’ committee and the consortium that also includes Chubu (20%) 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.
Under the terms of the €4.1bn agreement, the Eneco brand and company will will remain in place and become the European centre for all energy-related activities of Mitsubishi Corporation and Chubu.
The agreement is supported unanimously by the Eneco management and supervisory boards, which “consider it to be in the best interest” of the company and all of its stakeholders, the Dutch company said.
Eneco’s 44 Dutch municipal shareholders will take the final decision on the sale.
Ruud Sondag will resign as chief executive upon completion of the transaction, but will remain as senior adviser.
He will be succeeded by a yet to be decided Dutch chief executive, Eneco said.
Eneco chief customer officer Hans Peters and an unnamed representative of Mitsubishi Corporation will be added to the current board of management.
Sondag said: “With the consortium of Mitsubishi Corporation and Chubu we have found shareholders that support Eneco’s strategy for a hundred per cent.
“Our partner for several years, Mitsubishi Corporation, will now become our largest shareholder.
“And, equally important: Eneco will remain intact as an integrated and independent Dutch energy company.
“We will receive ample opportunities for expansion both inside and outside Europe.”
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.
“Eneco fits in perfectly with our current energy activities and provides us with a platform to further grow in the European market in which we intend to have a leading position in the energy transition.
“We strongly believe that we are the best partner for all stakeholders of Eneco and look forward to jointly further develop a sustainable strategy.”
Eneco shareholders’ committee chair Arjan van Gils said: “Several market players have shown great interest for Eneco, which confirms the unique position Eneco holds in the energy transition.
“Our priority was to conduct a diligent sale process, with consideration for Eneco’s sustainable strategy and other interests of all stakeholders of Eneco.
“We are therefore pleased that, in unanimity with the board of management and the supervisory board, we have found stable shareholders in Mitsubishi Corporation and Chubu for Eneco that share Eneco’s sustainable goals and ambitions.
“The consortium has offered the best terms and conditions on all levels and meets all criteria that were set in the sale process in the best way.
“The consortium has the required financial strength to further build Eneco, both in light of the energy transition as well as commercially.
“In the upcoming period, we will further explain the proposed transaction to Eneco’s 44 shareholders.”