E.ON AG (EONGY.PK) said it has sold Open Grid Europe, its gas transmission company in Germany, to a consortium consisting of Macquarie European Infrastructure Fund 4, Infinity Investments, British Columbia Investment Management Corp., and MEAG MUNICH ERGO Asset Management. The parties signed contracts for the sale on May 16.
The agreed consideration is about 2.9 billion euros which, including adjustments for pensions and other assets, will result in a purchase price at closing of about 3.2 billion euros. The transaction is expected to close in the third quarter of 2012.
The sale of Open Grid Europe brings E.ON closer to its goal of generating roughly 15 billion euros through divestments by the end of 2013.
E.ON has already recorded divestment proceeds totaling more than 12 billion euros. It will use the money to reduce its debt and invest in growth businesses.
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