EnBW exits from the Hungarian market with the divestment of its stakes in electricity supply companies ELMÜ and EMASZ

EnBW exits from the Hungarian market with the divestment of its stakes in electricity supply companies ELMÜ and EMASZ

(PRESS RELEASE) KARLSRUHE/ BUDAPEST, 4-Oct-2019 — /EuropaWire/ — EnBW sells its holdings in Hungarian electricity supply companies ELMÜ and EMASZ to an E.ON subsidiary. The divestments marks EnBW’s exit from the Hungarian market. The buyer already indirectly obtained majority shareholdings in ELMÜ and EMASZ in the recently completed acquisition of Innogy. The transaction is in line with its 2020 Strategy divestment targets.

Thomas Kusterer, EnBW CFO said: “The two minority shareholdings have done very well since our entry into the Hungarian market around 25 years ago. But the new ownership structure means that their strategic importance for us has declined and we are now making use of the opportunity to withdraw from the market on financially attractive terms. The disposal is also in line with the divestment targets under our 2020 Strategy and the related portfolio transformation.”

The sale of EnBW’s approximately 27 percent stake in ELMÜ and EMASZ ends its presence in Hungary. In 2018, EnBW also sold its interest in the Matra lignite-fired power plant to a Hungarian investor.

Headquartered in Budapest, the electricity providers, Budapesti Elektromos Művek Nyrt. and Észak-magyarországi Áramszolgáltató Nyrt. are publicly listed. ELMÜ and EMASZ have 2.1 million customers in Budapest and north-eastern Hungary, which represents about 30 percent of the market. The sale and distribution of electricity and gas and operation of their electricity grids are their main business. ELMÜ and EMASZ employ around 2,700 professionals.

For more information, please contact:

EnBW Energie Baden-Württemberg AG
Durlacher Allee 93
76131 Karlsruhe
Phone: +49 721 63-255550
presse@enbw.com

SOURCE: EnBW