DONG Energy has confirmed the sale of its 25.1% stake in the municipal utility company Stadtwerke Lübeck (Germany).
Whilst still subject to certain conditions including merger control clearance in Germany, the initial sales process has now been finalised, and the ownership interest will be acquired by STAWAG, Stadtwerke Aachen Aktiengesellschaft. The sales price for the 25.1% ownership interest is €42.3m.
Stadtwerke Lübeck distributes electricity, gas, heat and water in the Lübeck region to more than 130,000 residential and commercial customers. In 2011, the company sold 515 GWh of electricity and 1.6 TWh of gas.
The divestment is an element of the financial action plan DONG Energy presented on 27 February 2013, in which the company announced its intention to divest non-core activities of a value of DKK10bn (€1.3bn) in 2013-2014, and does not alter the focus on Germany as a core market for DONG Energy.
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