Mitsubishi to buy Dutch power firm Eneco for 4.1 billion euros (updated)

Eneco Energy

25/11/2019 09:18

(Updates with details of deal)
    AMSTERDAM, Nov 25 (Reuters) - A consortium led by Japan's
Mitsubishi Corp  8058.T  is to buy  Eneco, the Dutch energy
company owned by 44 cities, in a deal that values it at 4.1
billion euros ($4.52 billion), Eneco said on Monday.
    Eneco, a highly-valued asset due to its strong focus on
renewable energy, said it had been swayed by Mitsubishi's plans
to allow the company to continue its strategy and corporate
identity.
    "The consortium made the best offer for shareholders and all
other stakeholders of Eneco, including employees," the company
said in a statement.
    The Mitsubishi offer beat two other consortiums bidding for
Eneco, one led by Shell  RDSa.L  and the other by Rabobank.
 urn:newsml:reuters.com:*:nL5N26U53Q
    Under the terms of the deal, Mitsubishi will own 80% of
Eneco and partner Chubu  9502.T  will own 20%.
    The deal, which is backed by Eneco's boards and a committee
representing shareholders, must still be approved early next
year by Eneco's municipal shareholders.
    Eneco said Mitsubishi already owns 400MW of Dutch offshore
wind power, and would combine those operations with Eneco.
    In September, Eneco reported first half earnings before
interest, taxes, depreciation and amortisation (EBITDA) of 272
million euros ($303 million) for the first half of 2019, up from
230 million euros a year earlier.  urn:newsml:reuters.com:*:nL5N25T1SG

($1 = 0.9073 euros)

 (Reporting by Toby Sterling; Editing by Jan Harvey and Emelia
Sithole-Matarise)
 ((toby.sterling@thomsonreuters.com; +31 20 504 5002;))