Capitium advises the City of Rotterdam on the proposed sale of all shares in Eneco to a consortium led by Mitsubishi for a total equity value of EUR 4.1 billion.
The Consortium has made an all-cash binding offer for all shares in Eneco. The offer has a value of EUR 4.1 billion, excluding net debt (the equity value). In addition, the current shareholders will receive a regular dividend over financial year 2019 in Q2 2020 or in any case prior to completion of the proposed transaction.
The shares in Eneco are held by 44 Dutch municipalities. Shareholders that jointly represent more than 95% of the share capital have already decided that they intend to sell their shares in Eneco. The offer of the Consortium explicitly extends to all shares, including the shares of shareholders that have not yet expressed an intention to sell their shares. The proposed transaction will be definitive if shareholders together holding at least 75% of the issued and outstanding share capital of Eneco decide to sell their shares.
The City of Rotterdam is Eneco’s largest shareholder and chairs the committee of shareholders. Capitium has advised the City of Rotterdam since 2016 just before Eneco demerged its distribution network into Stedin. Capitium provided Rotterdam with advise on the full range of topics concerning the privatisation and sale of the company.