A consortium led by Mitsubishi has agreed to buy out Dutch energy company Eneco in a €4.1 billion ($4.5 billion) cash deal.
Mitsubishi will acquire 80 percent of the Rotterdam-based company and Chubu, the third-largest energy company in Japan, will buy the remaining 20 percent. The consortium plans to expand the business internationally, making Eneco the European center for all energy-related activities of Mitsubishi.
As part of the agreement, Mitsubishi is planning to transfer part of its offshore wind activities to Eneco, totaling more than 400 megawatts.
Eneco’s headquarters will remain in Rotterdam and Ruud Sondag will resign as CEO, but he plans to stay on as senior adviser. He will be succeeded by a Dutch CEO.
Eneco said the agreement was supported unanimously by the company’s board of management and supervisory board, who consider the sale to be in the best interest of Eneco and its 44 stakeholders, which will have an opportunity to take a fi
