E.ON accepts Fortum's offer of €3.76bn for its remaining shares in Uniper

By Johan De Mulder

E.ON is selling off its remaining stake in energy company Uniper to Nordic competitor Fortum for €3.76bn.

A preliminary deal was struck between the two firms last September but the exact terms of the sale were revealed on Monday, with E.ON conceding its 46.65% stake at €22 per share.

Uniper was spun off from German giant E.ON back in 2016 when E.ON wanted to separate its fossil fuel business, and with this sale it can now switch its full attentions to 'new energy' priorities.

See also:


"This transaction enables us to sell our entire Uniper stake at an attractive price for E.ON," said E.ON's CEO Johannes Teyssen. "E.ON will now focus fully on its customers and core businesses in the new energy world. The course has been set for profitable growth."

Fortum - a Finnish company - had an operating profit of €633mn in 2016 and states its goal to be at the forefront of technology in the energy industry, particularly in its home market of Europe.

Subject to regulatory approvals, it expects the transaction - which will leave it just short of a controlling majority of Uniper - to completed by the middle of 2018.

Share

Featured Articles

Top 10 largest revenue generating family businesses in MENAT

From the UAE to Turkey, these family firms are the largest by revenue in MENAT and cover everything from energy to entertainment

Top 10 metaverse projects in the UAE, including world firsts

As Accenture predicts the metaverse will fuel a US$1 trilion commerce opportunity by 2025, we round up 10 pioneering metaverse projects in the UAE

PwC’s survey shows Middle East CEOs remain upbeat on growth

CEOs in the Middle East are far more optimistic about regional growth than those in North America and Europe, according to PwC’s annual survey

Opinion: “Why we must tackle the digital skills crisis"

Leadership & Strategy

5 Mins With: Kathryn Kaminsky Vice Chair Trust Solutions PwC

Leadership & Strategy

Survey: The Future of Cloud Security in the Middle East

Technology