E.ON AG and HEAG Holding AG - Beteiligungsmanagement der Wissenschaftsstadt Darmstadt (HEAG) have agreed on the economic fundamentals of the sale of E.ON's 40 percent stake in HEAG Südhessische Energie AG ('HSE'). HEAG already holds 53 percent of the HSE shares, making it the majority shareholder. The transaction is still subject to approval by various bodies of E.ON and Wissenschaftsstadt Darmstadt. The signing of the contracts and the completion of the transaction is expected to occur in the fourth quarter of this year. The total purchase price is EUR 305 million.

HSE is an independent provider of modern energy and infrastructure services and one of Germany's leading suppliers of green power. Its activities include electricity, gas and drinking water distribution. In addition, HSE has stakes in businesses along the energy value chain in the areas of generation, grid sales, procurement, data management and technical services. In 2009, HSE generated a turnover of about EUR 1.4 billion and an EBIT of around EUR 40 million.

Tags: E.ON Ruhrgas AG