Stek assists Stedin in acquisition of DNWG
Stek assists Stedin Holding N.V. in the auction sale by PZEM N.V. (PZEM, previously named DELTA) of all shares in Zeeuwse Netwerkholding N.V., including, inter alia, regional network operator Enduris B.V. and De Netwerkgroep Infra B.V. (together DELTA Netwerkgroep or DNWG) for an enterprise value of EUR 610 million. The sale of DNWG is part of the ongoing restructuring of PZEM. The developments within the energy market and the mandatory unbundling require PZEM to sell DNWG. Under the Unbundling Act (Wet Onafhankelijk Netbeheer) production and supply activities must be segregated from regulated network activities by 1 July 2017.
Closing of the transaction is subject to customary conditions such as the approval of the shareholders of PZEM, the Dutch Authority for Consumers & Markets and advice of the Central Works Council.
Click here for the press release (in Dutch).