E.ON has agreed to sell a 43% stake in E.ON Thüringer Energie to a municipal consortium, Kommunaler Energiezweckverband Thüringen (KET), for about €900m, which includes the assumption of about €400m of shareholder loans by KET. The transaction is to be finalized in the next few weeks and is subject to approval by the Thuringian government. E.ON's remaining 10% stake in E.ON Thüringer Energie may also be sold shortly.
E.ON Thüringer Energie supplies residential, commercial and industrial customers in Thuringia and parts of Saxony and Saxony-Anhalt with electricity, natural gas and district heat. The company also supplies over 25 municipal utilities with electricity for their customers. Its subsidiary Thüringer Energienetze operates a power grid of about 39,000 km and a gas grid of over 6,000 km in Thuringia.
By selling this stake, E.ON has made a decisive step in reorganizing its German regional supply business. In mid-2012, E.ON announced its intention to bundle its investments and use them efficiently and effectively in implementing the energy turnaround. For this reason, E.ON intends to concentrate on four regional suppliers: E.ON Avacon, E.ON Bayern, E.ON edis and E.ON Hanse.
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