EnBW to acquire Eni’s stake in the gas sector joint venture

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EnBW to acquire Eni’s stake in the gas sector joint venture

EnBW Energie Baden-Württemberg AG has acquired the 50% stake owned by Eni group, Rome, in EnBW Eni Verwaltungsgesellschaft mbH, Stuttgart, and thus indirectly 50% of Gasversorgung Süddeutschland GmbH (GVS) and 50% of terranets bw GmbH.

EnBW and Eni had established the joint venture in 2002.

Dr. Dirk Mausbeck, member of the Board of Management and Chief Commercial Officer of Energie Baden-Württemberg, stated:

We are pleased that the business will be concentrated and expanded at EnBW after more than ten years of successful cooperation. Our goal is to continue cooperation with existing customers in the well-proven way and win new customers with the qualified staff of both companies.

Dr. Frank Mastiaux, CEO of EnBW, commented:

EnBW executes on its gas strategy through expanding its position in the gas supply and transmission business significantly and is also aiming for further growth. The acquisition of the network infrastructure also supports security of supply and the implementation of a successful turnaround in energy policy, the so called “Energiewende”, in Baden-Württemberg.

GVS supplies distributors and industrial customers in Germany, Austria and Switzerland. In 2013 the company generated sales of €1.6 billion on a gas sales volume of 56 TWh with a workforce of 88 employees.

Terranets bw is an independent transmission system operator (ITO) which ensures non-discriminatory transportation of natural gas through its nearly 2,000 kilometer network and guarantees technically reliable supply for its customers. More than two-thirds of all cities and communities in Baden-Württemberg and parts of Switzerland, Vorarlberg and the Principality of Liechtenstein are connected to terranets bw’s network. Additionally the northern Black Forest gas pipeline is under construction since the beginning of the year. Moreover terranets bw owns a 2,000 kilometer telecommunication network and offers a variety of technical services. In 2013, the company generated sales of €105 million with a workforce of 190 employees.

The acquisition is subject to approval by the relevant antitrust authorities. Both parties agreed contractually not to disclose the purchase price.

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