Hamburg – Vattenfall has completed a strategic review of its Berlin district heating business and decided to sell it in full to the Federal State of Berlin. An agreement to this effect was signed by both parties today. The purchase price is currently expected to be around EUR 1.6 billion, based on the equity value. The starting point for calculating the price was an enterprise value of just under EUR 2 billion.
Vattenfall owns and operates ten large combined heat and power plants and thermal power stations in Berlin, along with 105 smaller combined heat and power units and various other facilities. The total length of the heating grid is some 2,000 kilometres. The sale will involve the transfer of around 1,700 employees from Vattenfall Wärme Berlin AG to the new owner. Vattenfall and the Federal State of Berlin are aiming to complete the transaction in the second quarter of 2024. The sale is subject to approval by the Berlin House of Representatives and by Germany’s Federal Cartel Office. The Federal State of Berlin was also granted an option to acquire Vattenfall’s shares in GASAG AG, irrespective of whether the heating business is sold.
A CMS team headed by lead partner Dr Holger Kraft advised Vattenfall on all legal aspects of conducting the bidding process. The law firm also provided advice on negotiating the purchase agreement for the shares in Vattenfall Wärme Berlin Aktiengesellschaft and the option agreement for the shares in GASAG AG.
CMS Deutschland
Dr Holger Kraft, Lead Partner
Dr Jan Schepke, Lead Partner
Dr Hilke Herchen, Partner
Dr Richard Mayer-Uellner, Partner
Dr Dirk Baukholt, Principal Counsel
Matthias Sethmann, Principal Counsel
Dr Philipp Koch, Counsel
Dr Luise Pelzer, Counsel
Dominik von Zehmen, Counsel
Dr Stefan Kühl, Senior Associate, all Corporate/M&A
Dr Andreas Hofelich, Partner
Dr Mario Brungs, Counsel
Dr Jacob Hinze, Counsel, all Labor, Employment & Pensions
Dr Sebastian Cording, Partner
Prof. Malte Grützmacher, Partner
Lisa Pytel, Senior Associate
Dr Lukas Hambel, Associate, all TMC
Dr Christian Friedrich Haellmigk, Partner
Malena Hansen, Senior Associate
Alexander Laute, Senior Associate
Armin Kojic, Associate, all Antitrust, Competition & Trade
Dorothée Janzen, Partner
Anastasia Shelestova, Senior Associate, both Commercial
Dr Fritz von Hammerstein, Partner
Dr Andreas Otto, Partner
Dr Mirko Zorn, Principal Counsel
Heike Weyer, Senior Associate
Katja Meisel, Associate, all Real Estate & Public
Siegfried Etzkorn, Counsel, Banking, Finance & Insurance
Cosima Gräfin von Rechteren, Principal Counsel, Dispute Resolution
Dr Martin Mohr, Partner, Tax
Stephanie Schulz, Legal Coordinator
Tagrid Chahrour, Senior Legal Specialist
Conrad Gräwe, Senior Legal Specialist
Anton Bezsonov, Legal Specialist, all Smart Operations
Vattenfall GmbH
Dr Stefan Klauer
Michael Buggenhagen
Jan Timmermann
Dr Albrecht Bläsi-Bentin
Guido Egbers
Press Contact
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