All conditions of the sale have been fulfilled. In the takeover, TenneT has procured all shares in E.ON subsidiary, Transpower Stromübertragungs GmBH (transpower), with effect from 31 December 2009. The agreed company value amounts to EUR 885 million. The purchase price as of 25 February 2010 is based on the net financial position of transpower on 31 December 2009, which was determined to be approx. EUR 1.1 billion. This sum includes transpower’s current liquid assets as of the reference date.
The sale of its extra-high transmission network to TenneT means that E.ON has nearly fulfilled the agreements reached with the European Commission. Transpower Stromübertragungs GmbBH evolved from E.ON Netz GmbH in 2009 when the company was split into two separate entities in order to fulfil arrangements agreed upon with the European Commission. Management of the additional ca. 11,000 kilometre long extra-high voltage grid (220/380 kV) was transferred to transpower. It has four branches in Germany (in Bayreuth, Bamberg, Dachau and Lehrte), employing around 725 people.
The acquisition of E.ON’s extra-high transmission network is financed through revenues from bonds issued by TenneT Holding in February 2010. TenneT is currently working on the integration plan which will establish the future structure and strategic aims of the new company.