The European Commission has authorised Mitsubishi to take over the Dutch energy group Eneco, considering that the proposed acquisition is consistent with the EU merger regulations and would raise no competition concerns.
Eneco, which was owned by 44 Dutch municipalities, entered a privatisation process in December 2018. In November 2019, the shareholder's committee of the Eneco reached an agreement with a consortium of Japanese companies - Mitsubishi and Chubu Electric - to sell their stakes in the energy company for a total consideration of €4.1bn (US$4.5bn). Under the terms of the agreement, Mitsubishi will acquire 80% of Eneco and Chubu the remaining 20%.
Eneco is one of the largest energy companies in the Netherlands. At the end of June 2019, it operated 3.5 GW of power capacity, including 1.7 GW of on-shore wind, 427 MW of off-shore wind and 522 MW of thermal power, mainly in Netherlands, with footprint in Belgium and the United Kingdom. At the end of 2018, the company supplied power to 2.4 million customers and gas to 2 million customers. Eneco is also taking part to renewable projects and bets on its partnership with Mitsubishi and Chubu Electric to expand in renewable energies internationally. Mitsubishi plans to transfer part of its offshore wind activities (more than 400 MW) in Europe to Eneco.
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