DONG Energy Sells Transmission Network to Energinet.dk
Monday, December 24, 2007
DONG Energy A/S has entered into an agreement with Energinet.dk on the sale of DONG Energy's 132 kV transmission network in North Zealand at a price of DKK 2 billion.
Article Tags Dansk Olie og Naturgas A/S (DONG) Denmark West Europe Acquisitions & Mergers
DONG Energy's acquisition of the former Elsam released an obligation to sell the transmission network to Energinet.dk
“With the divestment of the transmission network to Energinet.dk we have now fulfilled the demands and obligations that we were prescribed in connection with the merger of the six energy companies”, says CEO Anders Eldrup, DONG Energy.
The transmission network will prior to the sale be spun off into a new company and thus the sale is not expected to be completed until after the first quarter of 2008.
The sale of the transmission network is estimated to generate an accounting gain after tax of DKK 0.5 billion, which will be recognised in the income statement for 2008.
This article is for information and discussion purposes only and does not form a recommendation
to invest or otherwise. The value of an investment may fall. The investments referred to in this
article may not be suitable for all investors, and if in doubt, an investor should seek advice from
a qualified investment adviser. More