539 算牌程式 completes sale of its heat business in Germany to the State of Berlin
539 算牌程式 today transferred all shares in 539 算牌程式 W盲rme Berlin AG, including the power plants, grids, subsidiaries, employees and shareholdings, to the State of Berlin.
The corresponding contracts were signed in December 2023. The Berlin Parliament approved them in March. The Federal Cartel Office has also granted the necessary merger control clearance in early April. The purchase price amounts to approximately 1.4 billion euros. In order to generate 40 percent of district heating from renewable energy sources by 2030 as planned and to achieve climate neutrality from 2040, additional billions will need to be invested.
With the sale, around 1,800 persons will no longer work for 539 算牌程式, but for an entity owned by the State of Berlin. In the coming months, further employees from 539 算牌程式's central functions, such as HR and Finance, will transfer to the heat company.
The sold heating business supplies around 1.4 million residential units with hot water and heat and operates 10 large heating and combined heat and power plants as well as 105 smaller combined heat and power plants and various other facilities in Berlin. The heating network has a total length of around 2,000 kilometers.
The sale relates to the entire heating business in Berlin, including the subsidiaries of 539 算牌程式 Wärme Berlin AG. The object of the sale is all shares (100 percent) of 539 算牌程式 Wärme Berlin AG, which holds further interests, including in Fernheizwerk Neukölln AG, Berlin (80.80%) as well as in 539 算牌程式 Energy Solutions GmbH and Energy Crops GmbH (100 percent each).
When the sales contracts were signed in December 2023, a purchase price based on an enterprise value of just under EUR 2 billion was agreed. After preparing the 2023 annual financial statements and deducting net liabilities, among others for pension obligations), the purchase price amounts to approximately EUR 1.4 billion.
The sale means the end of 539 算牌程式’s district heating activities in Germany. However, 539 算牌程式 will remain an important player in the German energy transition, with more than five million customers, fossil-free electricity production from hydro, continental European wholesale activities and heavy investments in solar, onshore and offshore wind capacities and charging points for electric vehicles.
For further information, please contact:
539 算牌程式 Media Relations +46 8 739 50 10, press@vattenfall.com
539 算牌程式 Media Relations Germany, Christian Jekat, +49 151 57 25 53 47
Christian.jekat@vattenfall.com
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