Ardian buys 26% stake in EWE

Ardian plans to support the company's growth in renewable energy, telecommunications and networks, according to a statement. It invested via Ardian Infrastructure Fund V.

EWE-Verband will own the remaining 74% stake, 59% of which is owned by Weser-Ems-Energiebeteiligungen and 15% by Energieverband Elbe-Weser Beteiligungsholding.

In November 2019, Unquote sister publication Mergermarket reported that Ardian was seen as the most likely contender to acquire the stake, from a group that also consisted of Australian investor Macquarie and German insurance provider Allianz.

Mergermarket also reported that the 26% stake could be valued at €1.2-1.4bn.

Mergermarket first reported in August 2018 that EWE had mandated Citi to manage the auction process for the sale of the 26% stake.

The utility company began looking for a buyer for the stake in 2015.

Company
EWE was formed in 1943 via the merger of electricity providers Strosag and Landeselektrizitätsverband Oldenburg. The company has more than 9,000 employees in three countries.

The company reported a turnover of €5.7bn and an operating EBITDA of €798.9m in 2018.

People
EWE – Stefan Dohler (CEO).
Ardian Infrastructure – Mathias Burghardt (executive committee member, head of infrastructure); Benoît Gaillochet (senior managing director); Michael Reuther (director).

Advisers
Company – Citigroup (corporate finance).

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• Topics
• Buyouts
• DACH
• Infrastructure
• Germany
• Ardian (formerly Axa PE)