E.ON Benelux acquires NRE Energie
Rotterdam, 3 June 2005 Today, NRE Holding n.v. and E.ON Benelux reached agreement on the acquisition of NRE Energie B.V. by E.ON Benelux. NRE Energie (the Netherlands fifth largest power company) supplies electricity and gas to circa 275,000 customers, mostly in the south-eastern part of Brabant province. The current shareholders are the municipality of Eindhoven (73%) and surrounding municipalities (27%). NRE Holding is the energydistributor in this region. With this acquisition E.ON takes its first step in the Dutch retail market for electricity and gas.
E.ON aims to become the leading global supplier in the area of electricity and gas. As the world's largest private energy company E.ON already has a leading position in many regional markets as supplier of an integrated electricity and gas package for business and private customers.
Ever since its start in 2000, E.ON Benelux, located in Rotterdam, has strived for growth. E.ON Benelux currently operates seven power stations and serves the wholesale market. The acquisition of NRE is a first step by E.ON towards vertical integration in the Benelux in order to reach a balance between generation and supply. After completion of the transfer of shares E.ON Benelux will become the 100 % owner of NRE Energie, the supply company of NRE. The deal also includes the shareholding of NRE Holding in Clean Minerals (100%), NRE Q-ENERGY (54%) and Carbiogas (33%). For a completion of the deal, a merger control clearance is needed. Also, approval by the Supervisory Boards of E.ON Benelux and NRE are necessary.
NRE Energie is the distributor and NRE Q-Energy is the installation company within the NRE Group, located in Eindhoven. As a company, NRE is firmly rooted in the region. It has a loyal customer portfolio, a complete package of services and products, solid financial results and a strong link with its customers. NRE's company culture is most compatible with E.ON's.
Joost van Dijk, chairman of the Management Board of E.ON Benelux, is pleased with the agreement with NRE. 'This is a strong regional player with an excellent track record. The management is highly professional, as is also demonstrated by the solid customer base and the powerful brand established over the past several years. NRE's knowledge and experience with distribution and retail is welcomed by E.ON. NRE Energie is a valuable addition to what we are already doing in the Benelux region and it offers a good springboard for further growth in the Benelux.'
Paul Dijkstra, CEO NRE Holding: 'E.ON has considerable European experience with trading and supplying electricity and gas in markets with different regulations and competition levels. More and more, trading and distribution of electricity and gas become a large scale business. As a large European provider of electricity and gas, E.ON brings many advantages with regards to procurement, of which NRE Energie and our customers will profit. Add the operational strength and the shared corporate culture characteristics and you understand why NRE Energie believes in E.ON's ability to grow fast and realise benefits we are keen to pass on to our customers.'
Sequioa financial services acts as exclusive financial advisor of NRE Holding.