N.V. Nuon Energy, a subsidiary of Vattenfall AB, has reached a definitive agreement with Eni for the sale of Vattenfall's Belgian operations for ca. €157 million on an Enterprise Value basis. The transaction comprises Nuon Belgium NV, serving approximately 550.000 electricity and gas connections, as well as its subsidiary Nuon Wind Belgium NV and Nuon Power Generation Walloon NV.
Nuon Belgium was established in August 2002 at the onset of the liberalization of the Belgian energy market and currently serves around 550.000 electricity and gas connection points employing approximately 150 people. Nuon Belgium also holds 4.5 MW renewable energy capacity through its subsidiary Nuon Wind Belgium. Nuon Power Generation Walloon represents a CCGT (Combined Cycle Gas Turbine) power generation project near Seneffe in an advanced stage of development.
N.V. Nuon Energy and Eni expect the transaction to be completed in 2011 after European Competition approval is obtained. Øystein Løseth, CEO of Vattenfall, was quoted saying: "I am glad to announce that we have found a very suitable new owner for Nuon Belgium and our other Belgian assets. We can hand over the customers and employees to an experienced European utility company with strong ambitions in Belgium."
Domenico Dispenza, COO of Eni's Gas & Power, was quoted saying: "Through the acquisition of Nuon Belgium, Eni will be providing gas and power directly to Belgian households and small and medium enterprises. The management and employees of Nuon Belgium as well as its customer base are a key asset for Eni." Eni entered the Belgian market in 2008 when it acquired Distrigas, the leading supplier of natural gas to resellers, power generators and industrial customers with 2010 sales in Belgium reaching 148 TWh.
Vatenfall to sell its Belgian electricity, gas operations to Eni