Enea to buy Engie for PLN 1.26 billion

WSE-listed power utility Enea will pay PLN 1.26 billion preliminary price for the purchase of Engie’s Polish assets, including the Połaniec 1.9 GW power plant.

Engie provided Enea “with the calculation of the initial selling price for 100 percent shares in EEP amounting to PLN 1,264,159,355,” the filing said. “The Initial Selling Price will be subject to verification by the Company and to potential adjustments in the period occurring directly after taking the control over EEP, under the terms specified in the Agreement, compliant with the market standards applying to such transactions.”

The initial price included, Engie’s value estimated at end-2016 at PLN 1.07 billion, the debt-to-equity conversion at the PLN 1.22 billion level and debt repayment of PLN 113 million.

The deal was previously approved by the antitrust watchdog UOKiK and the ministry of energy.

 

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