AMSTERDAM (Reuters) - Swedish energy group Vattenfall said on Monday it would buy the production and distribution arm of Dutch utility Nuon for 10.3 billion euros ($13.31 billion).
Following are five facts about Nuon and the Dutch utilities sector:
- Nuon, the Netherlands’ second-largest utility based on 2007 sales, had 6.15 billion euros in revenue and 765 million euros in net profit in 2008, and has more than 3 million customers in the Netherlands, Belgium and Germany.
- Nuon’s deal comes six weeks after Germany’s RWE (RWEG.DE) said it had agreed to buy the production and delivery assets of Nuon’s bigger rival Essent for 8.2 billion euros.
- Nuon and Essent both said last year they were looking for foreign partners, after they called off a 24 billion euro merger in 2007, saying conditions were not right.
- Unlisted Nuon, owned by Dutch municipalities and regional authorities, has split its production and delivery units from its network arm in response to a law requiring Dutch utilities to do so before 2011.
- Nuon plans to build a multi-fuel power plant at the Eemshaven seaport in northeastern Netherlands, but construction has been held up due to problems with permits after environmental groups opposed the project.
(Sources: Nuon, Essent)
Reporting by Catherine Hornby; editing by Karen Foster