EQT in €1.44bn EEW exit to Beijing Enterprises

According to newspaper WAZ, German power plant operator Steag, which operates public utilities in Essen, Dortmund, Bochum, Duisburg and Oberhausen, was among the bidders for EEW.

The transaction represents the largest Chinese direct investment in a German company to date, according to EQT. The agreement is subject to clearance under the German foreign trade and payments ordinance.

EQT said that under its ownership, EEW made acquisitions, became more efficient and developed a stronger focus on environmentally friendly waste disposal solutions.

Previous funding
EQT acquired a 51% stake in EEW in March 2013 from energy group E.ON. In April 2015, EQT bought the remaining 49% of the shares after E.ON announced its group restructuring programme.

Company
Founded in 1873 and headquartered in Helmstedt, EEW is a German energy-from-waste company that also operates in Luxembourg and the Netherlands. With 1,050 employees the company operates 18 plants and produces electricity, district heating and process steam for industrial use. In 2014, EEW generated sales of about €539m.

People
EQT Partners – Matthias Fackler (partner).
EEW – Bernard Kemper (CEO).

Advisers
Vendor – Morgan Stanley (Corporate finance).

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