The Danish State represented by the Ministry of Finance and DONG Energy A/S have reached an understanding with funds managed by the Merchant Banking Division of Goldman Sachs (Goldman Sachs) and the Danish pension funds Arbejdsmarkedets Tillægspension (ATP) and PFA Pension Forsikringsaktieselskab (PFA) on the main terms whereby Goldman Sachs, ATP and PFA will invest a total of DKK 11 billion in DONG Energy A/S by subscribing for new shares.
Goldman Sachs will subscribe for new shares for DKK 8 billion, ATP for DKK 2.2 billion and PFA for DKK 0.8 billion. The subscription of new shares will be based on a valuation of DONG Energy A/S of DKK 31.5 billion prior to the capital increase. Goldman Sachs and ATP will be represented on the Board of Directors.
The capital increase is part of DONG Energy's financial action plan announced in February 2013 which included an injection of additional equity of at least DKK 6-8 billion.
Henrik Poulsen, DONG Energy’s CEO, says,“DONG Energy has an exciting and profitable growth potential. With the injection of new equity, we have almost fully delivered on our financial action plan and have thus secured the necessary platform for pursuing our ambitions for the coming years.”
“I regard the interest displayed by these three well renowned private investors as a vote of confidence in the company’s potential, our strong market positions and our highly competent employees.”